Saturday, Dec 10, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Business

Los Angeles sues JPMorgan Chase over foreclosures

LOS ANGELES — Los Angeles is suing JPMorgan Chase for mortgage discrimination that the city says led to a wave of foreclosures that blighted neighborhoods, reduced property taxes and increased the need for costly city services.

The city attorney’s suit, filed today in federal court, claims the bank gave black and Latino borrowers predatory home loans that they couldn’t afford — leading to foreclosures when the housing bubble burst and they were denied refinancing.

Messages to JPMorgan Chase representatives seeking comment weren’t immediately returned.

The city attorney filed similar lawsuits in December against Bank of America, Wells Fargo and Citigroup. They’ve all denied the allegations.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…