Law360 (June 23, 2021, 9:30 PM EDT) — Wells Fargo on Wednesday urged the full Ninth Circuit to end Oakland’s Fair Housing Act lawsuit alleging the bank targeted minority residents with predatory home loans that hurt property tax revenue, arguing that the city can’t show it was harmed because “more foreclosures mean more money for the city, not less.”
Wells Fargo told the Ninth Circuit during an en banc rehearing that Oakland can’t proceed with its 2015 lawsuit — alleging the bank engaged in discriminatory practices by offering more predatory mortgage loans to Black and Hispanic borrowers than to white borrowers leading to foreclosures — because foreclosures actually increased…
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