Miami Hits BofA, Wells Fargo, Citi With Lending Bias Suits

Law360, Miami (December 20, 2013, 2:57 PM EST) -- The city of Miami has sued Wells Fargo & Co., Bank of America Corp. and Citigroup Inc., claiming their predatory lending to minority homeowners violated the federal Fair Housing Act and cost the city tax revenue when the properties went into foreclosure.

In three separate suits filed Dec. 13 in the Southern District of Florida, the city said the banks' pattern of discriminatory mortgage lending in minority neighborhoods and to minority borrowers has wreaked havoc on neighborhoods in Miami, which has the highest foreclosure rate among...
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