Posted by Howdy/LA on 1/8/08 1:54pm
Msg #229580

Reverse Lending Alleged By City of Baltimore

Baltimore Names Lender in Mortgage Lawsuit



Baltimore’s mayor and city council have filed a lawsuit against Wells Fargo Bank alleging that the lender lured African-Americans into high-interest mortgages more often than other groups. The lawsuit, filed today in district court, says that the practice, known as reverse lending, violated federal housing law. Baltimore’s lawsuit comes as a number of cities are looking for ways to recoup expenses associated with buildings left vacant following foreclosure. John Fritze, Baltimore Sun 01/08/2008
Read Article: Baltimore Sun