Baltimore Hits Lender With Predatory Lending Suit

Law360, New York (January 8, 2008, 12:00 AM EST) -- In a suit emanating from the subprime mortgage crisis, the mayor and city council of Baltimore, Md., have accused Wells Fargo Bank NA of practicing predatory mortgage lending against racial minorities.

Unlike previous cases making similar charges, here the Baltimore government is seeking compensation for damages the city itself has allegedly incurred as a result of the bank's lending policies.

The plaintiffs filed their complaint Tuesday in the U.S. District Court for the District of Maryland, demanding compensatory and punitive damages as well as permanent injunctive...
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