To recoup losses from housing collapse, Miami pursues novel suit

Source: Robert Barnes, Washington Post (Paid Registration)

The housing collapse of 2008 nearly broke the city of Miami.  Miami sued Bank of America, Wells Fargo and Citigroup under the 1968 Fair Housing Act, which bars discrimination in the sale, rental and financing of housing.

The city says that it can prove the lending institutions discriminated against Hispanic and African American residents by directing them into high-interest, risky loans. The resulting defaults destabilized Miami’s poorest neighborhoods, and the resulting loss of tax revenue sent the city to the brink of bankruptcy, they say.

Read Full Article: To recoup losses from housing collapse, Miami pursues novel suit

 
 

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