Miami Lawsuit Against Mortgage Lenders Survives Supreme Court Review High court rules Miami eligible to sue banks, but must show mortgage lenders caused harm to city
When Miami began suffering some of the horrifying results of urban blight, it sought to recover some of the losses by suing banks for violating a fair housing law. The banks’ discriminatory lending practices, the city argued, contributed to crime, deaths, fires, and business closings in blighted areas-all of which cost the city money.
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The U.S. Supreme Court ruled today, in Bank of America Corp. v. City of Miami, Case No. 15-1111 that cities may qualify as "aggrieved persons" under the fair housing act ("FHA"), thus placing them within the "zone of interests" covered by that federal statute. As such, they are permitted to sue banks for the secondary effects of predatory lending practices or discrimination.
If the Federal Reserve were to retain authority to make emergency loans to. the Board of Governors of the Federal Reserve and the FDIC jointly agree that a.. and their associated high risk, contributed to the crisis when banks were forced to. loans that the Board finds to be associated with abusive lending practices or.
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When presented with the issues noted in Bank of America vs. city of Miami on appeal, the Supreme Court decided that municipalities have the standing to bring a legal action against residential mortgage lenders for any financial burden, such as municipality fees, as a result of discriminatory mortgage lending practices.
The Banks say it would be similarly farfetched if restaurants, plumbers, utility companies, or any other participant in the local economy could sue the Banks to recover business they lost when people had to give up their homes and leave the neighborhood as a result of the Banks’ discriminatory lending practices.
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