Nov
08
Can Cities Sue Banks Over Predatory Loans? Supreme Court Will Decide
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The Supreme Court on Tuesday considered whether cities can sue banks under the Fair Housing Act.CreditJoe Raedle/Getty Images
WASHINGTON — The Supreme Court on Tuesday weighed whether cities can sue banks under the Fair Housing Act for predatory lending, even if foreclosures that stem from such loans affect a city only indirectly.
The case before the justices was brought by Miami after the 2008 financial crisis. The city said that discriminatory mortgage lending practices by Bank of America and Wells Fargo had led to a disproportionate number of defaults by minority home buyers and, in turn, to financial harm to the city…
Can Cities Sue Banks Over Predatory Loans? Supreme Court Will Decide
