SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Photo: Jeff Turner/cc/flickr
Miami Sues Banking Giant Over Predatory Mortgages
Wave of suits against big banks for discriminatory lending practices continues
Jun 17, 2014
The city of Miami on Friday filed a lawsuit in a federal court against JPMorgan Chase & Co., accusing the banking giant of a pattern of discriminatory loan practices "since at least 2004" which sparked foreclosures and violated the U.S. Fair Housing Act.
"JPMorgan has engaged in a continuous pattern and practice of mortgage discrimination in Miami since at least 2004 by imposing different terms or conditions on a discriminatory and legally prohibited basis," Bloomberg reports lawyers for Miami as saying in the complaint.
The bank engaged in the discriminatory practices "in order to maximize profits at the expense of the City of Miami and minority borrowers," the lawyers stated.
According to reporting by Reuters,
[a]fter issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan later refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures, the complaint said.
A spokesperson for the bank called the claims "baseless."
The suit comes just weeks after JPMorgan was hit by a lawsuit from the city of Los Angeles that also accuses the banking giant of discriminatory lending practices.
Both Miami and Los Angeles have filed similar lawsuits against Wells Fargo, Bank of America and Citigroup.
_________________________
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
The city of Miami on Friday filed a lawsuit in a federal court against JPMorgan Chase & Co., accusing the banking giant of a pattern of discriminatory loan practices "since at least 2004" which sparked foreclosures and violated the U.S. Fair Housing Act.
"JPMorgan has engaged in a continuous pattern and practice of mortgage discrimination in Miami since at least 2004 by imposing different terms or conditions on a discriminatory and legally prohibited basis," Bloomberg reports lawyers for Miami as saying in the complaint.
The bank engaged in the discriminatory practices "in order to maximize profits at the expense of the City of Miami and minority borrowers," the lawyers stated.
According to reporting by Reuters,
[a]fter issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan later refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures, the complaint said.
A spokesperson for the bank called the claims "baseless."
The suit comes just weeks after JPMorgan was hit by a lawsuit from the city of Los Angeles that also accuses the banking giant of discriminatory lending practices.
Both Miami and Los Angeles have filed similar lawsuits against Wells Fargo, Bank of America and Citigroup.
_________________________
The city of Miami on Friday filed a lawsuit in a federal court against JPMorgan Chase & Co., accusing the banking giant of a pattern of discriminatory loan practices "since at least 2004" which sparked foreclosures and violated the U.S. Fair Housing Act.
"JPMorgan has engaged in a continuous pattern and practice of mortgage discrimination in Miami since at least 2004 by imposing different terms or conditions on a discriminatory and legally prohibited basis," Bloomberg reports lawyers for Miami as saying in the complaint.
The bank engaged in the discriminatory practices "in order to maximize profits at the expense of the City of Miami and minority borrowers," the lawyers stated.
According to reporting by Reuters,
[a]fter issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan later refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures, the complaint said.
A spokesperson for the bank called the claims "baseless."
The suit comes just weeks after JPMorgan was hit by a lawsuit from the city of Los Angeles that also accuses the banking giant of discriminatory lending practices.
Both Miami and Los Angeles have filed similar lawsuits against Wells Fargo, Bank of America and Citigroup.
_________________________
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.