Memphis city and Shelby County officials filed a federal civil lawsuit Wednesday against Wells Fargo Bank, alleging discriminatory mortgage lending practices, according to Associated Press.
The lawsuit filed Wednesday in U.S. District Court in Memphis alleges that the mortgage lender sought out minority communities for predatory lending practices that resulted in a larger number of foreclosures in the respective areas.
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The governments claim that the foreclosures had a strongly detrimental effect on the local economy and ask for compensation to be determined by a jury.
Cities like Baltimore and Cleveland have filed similar lawsuits, claiming that lenders’ predatory practices caused urban decay and a stark drop in tax revenue and real estate value.
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