The Traderszone Network

Published in TZ Latest News 16 June, 2014 by The TZ Newswire Staff

City of Miami sues JPMorgan, claims mortgage discrimination

The city of Miami has sued JPMorgan Chase & Co, accusing the bank of predatory mortgage lending in minority neighborhoods that allegedly caused a wave of foreclosures during the last decade’s housing crisis. After 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.

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