Bank of America was slapped with another Ghetto Loans lawsuit earlier this weeks time.
Three metro Atlanta counties allege Bank of America and related organizations resorted to abusive mortgage lending techniques that targeted fraction homeowners in?Fulton, DeKalb together with Cobb counties.
Like Miami-Dade, who has an effective Ghetto Loans lawsuit in opposition to Bank of America, the three metro-Atlanta counties seeking a good 9-figure settlement. The counties claim this is in order to offset lost tax revenue and other consumer costs they claim turned from the Ghetto Loans procedures committed by BofA.
The Ghetto Lending options lawsuit filed with federal court during Atlanta joins the chorus of additional Ghetto Loans lawsuits recorded against major banks including Bank of America since the financial crisis began.
In their Ghetto Loans court action, the Atlanta areas allege that BofA and its units are responsible for a large number of foreclosures that rocked metro Atlanta along with saddled local governing bodies with huge fiscal costs, including missing tax revenues resulting from falling property values and the costs with dealing with vacant residences and higher crime during blighted areas.
Fulton, DeKalb and Cobb counties allege that Standard bank of America and its subsidiaries, Country wide Financial and Merrill Lynch, steered fraction borrowers into high-cost subprime home mortgages, stripped them of their total equity with high prices and interest charges, and drove them in foreclosure.
The lawsuit states these actions defy the federal Fair Casing Act.
A Bank of the usa spokesman declined in order to comment on the personal injury lawsuit to the Atlanta Journal-Constitution, nevertheless in an emailed proclamation said, “There was no basis to get claims in several identical lawsuits.?As we have explained with regard to multiple very much the same suits across the country, our record demonstrates there is absolutely no basis for the claims. You will find a firm commitment sturdy track record for honest lending,?
Bank of America at the same time said in the thoroughly crafted statement, In similar lawsuits, federal courts have been split concerning whether a city can credibly argue a requisite causal connection between a defendant banks alleged deceptive lending, and the municipalities claimed injury. We will continue to vigorously defend against such claims.