Miami Sues JP Morgan for Predatory Lending to Minorities

[714562]

http://america.aljazeera.com/articles/2014/6/17/miami-sues-jpmorganmortgages.html

The city of Miami is suing JPMorgan Chase & Co., accusing the bank of predatory mortgage lending in minority neighborhoods that allegedly caused a wave of foreclosures during the last decade's housing crisis.

The lawsuit, filed on Friday in federal court in Florida, said the country's largest bank engaged in a continuous practice of discriminatory mortgage lending since at least 2004, violating the U.S. Fair Housing Act.

After issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan later refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures, the complaint said.

The lawsuit came just weeks after the city of Los Angeles filed similar claims against JPMorgan, seeking to recoup damages for lost tax revenue and increased city services needed in blighted neighborhoods.

"The Miami City Attorney's claims are baseless and stand contrary to our long record of providing affordable housing to low- to moderate-income families across the region," JPMorgan spokesman Jason Lobo said. The bank will defend itself against the claims, he said.

Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. also face lawsuits by Los Angeles and Miami for allegedly giving minorities home loans they could not afford, resulting in massive defaults.

The banks have contested the claims, saying they have records as responsible lenders.

Among major cities, Miami has led the country in foreclosures, and JPMorgan's practices contributed to its problems, Friday's lawsuit alleged.

Loans in predominantly minority neighborhoods in Miami were about 4.6 times more likely to result in foreclosure than loans in neighborhoods with a majority of white residents, the lawsuit said.

Miami is still being damaged because of the services needed to combat unsafe and dangerous conditions, crime and even gang activity at foreclosed properties, the lawsuit said.

Wells Fargo and Citigroup recently lost bids to have their lawsuits tossed.

A spokesman for the city of Miami did not immediately return a request for comment.

Reuters

 

[DEAD7]

I wonder why they sued for predatory lending to minorities, and not just predatory lending? Is it ok to screw white people over in Miami?

 

[88m3]

 

[Strapped]

these banks are evil ,yall need to go the credit union route

 

[714562]

I wonder why they sued for predatory lending to minorities, and not just predatory lending? Is it ok to screw white people over in Miami?

Because the article says:

After issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan later refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures, the complaint said.

 

[Liquid]

I wonder why they sued for predatory lending to minorities, and not just predatory lending? Is it ok to screw white people over in Miami?

Yes

Spoiler

you didn't read the article huh :silvugh:

 

[Scientific Playa]

these cities are full of you know what...when real estate prices were hitting the stratosphere level, they assessed and taxed the unsophisticated home buyers to the hilt. when the market dropped the home assessment remained in place causing millions of foreclosures and bankruptcies. the banksters and all levels of government were in the the scam and financial tragedy.

 

[tmonster]

I wonder why they sued for predatory lending to minorities, and not just predatory lending? Is it ok to screw white people over in Miami?

yup they realized that adding white victims of predatory lending would just weaken their case, seeing how the court systems favors minorities so much in this country. Besides you know how racist Florida is against white people. Smart lawyers if you ask me.

 

[tmonster]

 

[wheywhey]

Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. also face lawsuits by Los Angeles and Miami for allegedly giving minorities home loans they could not afford, resulting in massive defaults

I mentioned in another thread that blacks received these loans during the housing boom and I got cursed and called names, really vulgar reactions.

Black women with good credit and income were fives times as likely to get a toxic loans. Black veterans who could have easily gotten a safe VA loan were pushed into a toxic loan. There were also several older black homeowners with paid for homes who got a toxic loan and they ended up losing their house. They were told to take the loan to make repairs, once they made the repairs the interest rate increased and they couldn't cover the payment.

 

[DEAD7]

Yes

Spoiler

you didn't read the article huh :silvugh:

I did, but its seems like socioeconomic more than racial from everything i have read.
Poor people of all ethnicities were being f*cked.

But w/e down wit whitey.

 

[Serious]

I did, but its seems like socioeconomic more than racial from everything i have read.
Poor people of all ethnicities were being f*cked.

But w/e down wit whitey.

 

[TLR Is Mental Poison]

I did, but its seems like socioeconomic more than racial from everything i have read.
Poor people of all ethnicities were being f*cked.

But w/e down wit whitey.

Poor minorities were being screwed over more than poor whites. So it's more racial than socioeconomic.

But keep arguing about an article you refuse to read.

 

[Un-AmericanDreamer]

I wonder why they sued for predatory lending to minorities, and not just predatory lending? Is it ok to screw white people over in Miami?

all aboard, the c-train is coming

Not all white mortgage companies are bad

 

[DEAD7]

all aboard, the c-train is coming

Not all white mortgage companies are bad

I in no way defended them, or tried to deny the predatory lending, I just asked if it was black people specifically or poor people. You niqqas hate white people somethin serious