OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
»  The Real State of (Some) Things
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyToday at 2:08 am by PurpleSkyz

» Governments deploy “nudge unit” to psychologically brainwash people into embracing “net zero society”
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyToday at 1:56 am by PurpleSkyz

» How The “Unvaccinated” Got It Right
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyToday at 1:53 am by PurpleSkyz

» Workers stage largest strike in history of Britain's health service
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyToday at 1:50 am by PurpleSkyz

» Covid jab spike proteins get “delivered” to ALL bodily organs, resulting in hyper-accelerated aging
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyToday at 1:46 am by PurpleSkyz

» Bill Gates Says It’s OK For Him To Use Private Jets Because He’s “The Solution” To Climate Change
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 10:06 pm by PurpleSkyz

» WEF Declares That Human Beings Are No Longer Sovereign
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 11:29 am by PurpleSkyz

» Swiss Banker Files Criminal Charges Against Swiss Government Related to Pfizer’s COVID “Vaccine”
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 11:24 am by PurpleSkyz

»  Japanese Researchers Sue the Government for Hiding Inconvenient Truths About the Jab
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 11:19 am by PurpleSkyz

» The Legend of Shambhala: A Hidden Land That May Exist Within Our Own
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 11:16 am by PurpleSkyz

»  Good People Doing Good Things — Quietly
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 10:53 am by PurpleSkyz

» 15 Outright Lies Joe Biden Told During The State Of The Union Address
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 10:32 am by PurpleSkyz

» Bright green laser lines shoot across night sky in Hawaii. What caused them?
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 10:26 am by PurpleSkyz

» Introducing Synthetic Biology Horror in a New Light (Pt 1)
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyYesterday at 10:19 am by PurpleSkyz

» Biden Mocked As Capitol Police Reinstall Metal Fencing For His State of Confusion Speech
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 12:49 pm by PurpleSkyz

» "Shocking Aerial Footage" - Turkey-Syria Quake
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 12:07 pm by PurpleSkyz

» The Feds Have All The Evidence They Need To Go After Jeffrey Epstein’s Buddies. Here’s Why They Still Roam Free
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 11:07 am by PurpleSkyz

» Fire At New Zealand’s Largest Egg Farm Kills 75,000 Hens Amid National Shortage
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 10:53 am by PurpleSkyz

» Bombshell Survey Exposes True Number of Deaths From the Jab
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 10:41 am by PurpleSkyz

» Wind-Power Makers Suffer Huge Losses, Want To Abandon Major Project
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 10:32 am by PurpleSkyz

» Seven reasons to get more magnesium
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 12:57 am by PurpleSkyz

» Released JFK Files Place Jack Ruby Near the Texas Book Depository Building
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities EmptyTue Feb 07, 2023 12:49 am by PurpleSkyz

You are not connected. Please login or register

Los Angeles sues JPMorgan over 'predatory' mortgages to minorities

Go down  Message [Page 1 of 1]

PurpleSkyz

PurpleSkyz
Admin

Los Angeles sues JPMorgan over 'predatory' mortgages to minorities
Published time: June 02, 2014 15:00
Edited time: June 02, 2014 15:32
Get short URL
Los Angeles sues JPMorgan over 'predatory' mortgages to minorities California-foreclosure-crisis-mortgages.si
AFP Photo / John Moore




Share on tumblr
Tags
Banking, Corruption, Crisis, Finance, Law, Real Estate, Robert Bridge, USA
The City of Los Angeles has charged JPMorgan Chase & Co. with imposing discriminatory loan conditions that minority borrowers couldn’t afford, creating a foreclosure crisis that hit property values by $78.8 bn and created a $481 mn loss in tax revenue.
LA City Attorney Mike Feuer accused the US's largest bank of engaging in “a continuous pattern and practice of mortgage discrimination in Los Angeles since at least 2004, by imposing different terms or conditions on a discriminatory and legally prohibited basis,” according to the lawsuit filed in a US District Court.
Los Angeles said JPMorgan loans made between 2004 and 2011 in predominantly black or Hispanic neighborhoods were 2.19 times more likely to go into foreclosure than loans in mainly white areas. The bank is charged with driving low-income home buyers into costly “subprime loans” - complete with perplexing small print conditions - when other more attractive lines of credit were readily available.
The suit points to several reports by minority advocacy groups that claimed the mortgage crisis resulted in 200,000 foreclosures in the nation’s second largest city from 2008 through 2012.
When the foreclosure crisis hit, JPMorgan proceeded to reduce credit to minority borrowers on a “racially discriminatory basis,” the lawsuit alleges. If the bank did provide mortgages to minorities, it continued to do "so on predatory terms."
That discriminatory lending practices continue “through the present and has not terminated,” the lawsuit alleges.
Following the crash, the repercussions of which were felt around the world, property values tumbled by $78.8 billion. At the same time, city property tax revenue fell by a whopping $481 million.
“LA continues to suffer from the foreclosure crisis - from blight in our neighborhoods to diminished revenue for basic city services," LA City Attorney Mike Feuer said in a statement. "We're fighting to hold those we allege are responsible to account, and to help bring back every community in our city."
Some of the evidence against JPMorgan reportedly derived from its own employees.
A former mortgage loan officer accused the bank of refusing to assist struggling borrowers, and instead often "just waiting for the sheriff to come around" and foreclose, Reuters reported.

Los Angeles sues JPMorgan over 'predatory' mortgages to minorities 123
Reuters / Eric Thayer
JPMorgan is the latest in a string of banks from which the City of Los Angeles is seeking reparations for lost revenue.
Last year, Feuer filed similar suits against other leading banks, including Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. Those banks have denied any wrongdoing.
Meanwhile, JPMorgan pledged to “vigorously defend” itself against the lawsuit filed on Friday.
“The facts don’t support their claims and are contradicted by our demonstrated commitment to minorities in the Los Angeles area,” company spokesman Jason Lobo said in a statement.
“We are disappointed the L.A. City Attorney is pursuing an adversarial approach to address city finances impacted by the recent economic downturn,” Lobo said, adding that the downturn “was beyond our control.”
The city will be forced to pick up the bill for “safety inspections, police and fire calls, trash removal and property maintenance for those foreclosures that have hit an estimated $1.2 billion,” according to the California Reinvestment Coalition and the Alliance of Californians for Community Empowerment, the Los Angeles Times reported.
A number of other US cities are also suffering the deleterious after effects of the foreclosure crisis, including Atlanta, Baltimore, Cleveland and Memphis. They are looking to exact some legal recompense against other banks believed to be involved in predatory lending schemes.
Deutsche Bank AG last year reached a settlement with Los Angeles after the city accused it of letting hundreds of foreclosed properties fall into slum conditions.


Thanks to: http://rt.com



  

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum