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.
Topics Lawsuits
Was this article valuable?
Here are more articles you may enjoy.
How Insurers Know When It’s Time to Scale AI 
Trouble at Surfside Began Weeks Before Deadly Condo Collapse, Final Report Finds 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
Camp Mystic, Where Texas Floods Killed 28, Files Bankruptcy 
