Skip to main content

Supreme Court Agrees to Hear Predatory Lending Case

Phil Hall
Jun 28, 2016
When the U.S. Supreme Court returns for its next term in the autumn, it will decide on whether Miami’s municipal government can sue two major banks that it has accused of predatory lending aimed at minority borrowers

When the U.S. Supreme Court returns for its next term in the autumn, it will decide on whether Miami’s municipal government can sue two major banks that it has accused of predatory lending aimed at minority borrowers.

According to a Reuters report, the court has agreed to hear the appeals by Bank of America Corp. and Wells Fargo & Company of a lower court's decision that allows Miami to pursue a lawsuit against them under the Fair Housing Act. Last September, the U.S. Circuit Court of Appeals overturned a lower court's decision that dismissed lawsuits filed by Miami against the two banks plus Citigroup, which involved charges of steering black and Hispanic borrowers into home loans they could not afford. Miami’s city officials blame the banks for lost property tax revenues and diminished property values as a result of this alleged predatory lending.

Citigroup opted not to take part in this appeal to the Supreme Court, which returns to session in October.

Published
Jun 28, 2016
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021