LA Targets BofA In 3rd Discriminatory Lending Suit

Law360, Los Angeles (December 9, 2013, 4:47 PM EST) -- Close on the heels of two suits filed against Wells Fargo & Co. and Citigroup Inc., Los Angeles on Friday alleged Bank of America Corp. had strained its coffers with predatory lending practices that cost the city its property tax revenue.

Bank of America and its Countrywide Financial Corp. subsidiary knowingly flooded low-income minority neighborhoods with loans that earned profits for the banks but eventually crushed the city’s tax revenue after the borrowers went into default and were forced from their homes, Feuer alleged in Friday’s...
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