LA city attorney sues Bank of America over lending

Published on NewsOK Modified: December 6, 2013 at 8:20 pm •  Published: December 6, 2013
Advertisement
;

LOS ANGELES (AP) — The Los Angeles city attorney is suing Bank of America for mortgage discrimination it claims led to a wave of foreclosures that cost the city a fortune in extra expenses and lost taxes.

The suit, filed Friday in federal court, claims B of A redlined minority neighborhoods for years, then turned around and gave blacks and Hispanics predatory home loans that they couldn't afford. The suit claims those borrowers were forced into foreclosure when the housing bubble burst and they were denied refinancing.

A message seeking comment was left for representatives of Bank of America Corp. Friday evening.

The city attorney filed similar lawsuits on Thursday against Wells Fargo & Co. and Citigroup Inc. They deny the allegations and say they're committed to fair lending.


Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Dave Chappelle Reveals Shockingly Buff New Look
  2. 2
    Peaches Geldof Funeral to Be Held on Easter Monday
  3. 3
    Mayor Who Fired Lesbian Police Chief Caught On Tape In Homophobic Tirade
  4. 4
    NBA commissioner wants to raise age limit to 20
  5. 5
    Dream guitars I wouldn't mind calling my own (34 Photos)
+ show more