Just a year ago, the theory that poor and minority borrowers were to blame for the housing crisis took hold with a vengeance, and so did the belief that the government forced lenders to make subprime mortgages to meet affordable housing goals.
A Los Angeles Superior Court judge yesterday certified a lending discrimination class action against Wells Fargo Bank. The class action was brought against the lender on behalf of loan customers in minority communities in Los Angeles.
A lawsuit filed on behalf of minority mortgagors against Wells Fargo (WFC: 26.52 +1.18%) will proceed as a class action case after a Los Angeles Superior Court judge certified it as such. The suit alleges Wells Fargo discriminated against as many as 10,000 borrowers in minority communities by charging more for loans than borrowers paid
On August 15, 2005, Plaintiffs brought their four-year-old son, Yoni Gottesman, to Cathedral Oaks Athletic Club ("COAC") to attend a Summer Activities Camp ("Camp"). After Plaintiffs left their son in Defendants' care, Defendants allowed him to drown. Yoni drowned right in front of camp counselors and lifeguards.
Deadly Summer Camp Dangers - PDF Link to Video
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Much has been written about lenders desperately trying to shore up their books and become financially viable again. Unfortunately, this process is taking place at the expense of borrowers, especially builders and developers. During the last banking crisis in the late 1980s and early 1990s, lenders were accused of using heavy-handed tactics against borrowers they no longer wanted to lend money to. Builders, developers, farmers and small businesses were popular targets.
Cappello & Noël, LLP, a nationally renowned lender liability law firm, has taken over as legal counsel in a lender liability suit against Imperial Capital Bank (ICB). The suit, originally filed by RDS Villages in July 2008, involves a residential real estate development in Cathedral City, California known as Rio Del Sol.
A new edition of Lender Liability, the leading legal treatise on lender misconduct, is now available through Juris Publishing. Authored by the acknowledged pioneer of lender liability law, attorney A. Barry Cappello, the updated fourth edition is being released at a time when lender misconduct claims and the credit crisis are creating headlines around the world.
