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Mortgage Discrimination Lawsuits Fourth-Quarter 2009 Mortgage Litigation Index

Mortgage Daily

Published On: March 8, 2010
Mortgage Discrimination Lawsuits
Fourth-Quarter 2009 Mortgage Litigation Index

Class actions and lawsuits related to lending discrimination involving minorities, neighborhoods and property types.

Defendant
Plaintiff
Court
Amount
Overview
Court
Case Number
Date Filed Link to StoryLink to Story
First United Security Bank United States of America U.S. District Court for the Southern District of Alabama na The defendant was accused of lending discrimination and redlining by not offering equal access to some of its loan programs in predominantly black neighborhoods and charging blacks higher mortgage rates than similarly-situated whites in violation of the Fair Housing Act and the Equal Credit Opportunity Act. The defendant bank entered into an agreement with the DoJ to open a new branch in a black neighborhood and to spend $600,000 promoting its programs in affected neighborhoods. United States of America, Plaintiff v. First United Security Bank, Defendant Case No. 1:09-cv-0644 Sept. 30, 2009 www.mortgagedaily.com/Lawsuits102709.asp
Wells Fargo Bank, N.A., Wells Fargo Financial Tennessee, Inc., Wells Fargo Financial Tennessee 1, LLC City of Memphis, Shelby County U.S. District Court for the Western District of Tennessee na Memphis and Shelby County accuse Wells Fargo of various illicit lending practices, such as reverse redlining, encouraging credit worthy borrowers to purchase subprime instead of prime loans, increased vacancy rates have led to increased costs for the city and county providing services to these areas. City of Memphis v. Wells Fargo Bank N.A. Case No. 2:09-cv-02857-dkv Dec. 30, 2009 www.mortgagedaily.com/Litigation123009.asp

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