New Suits Against Banks in LA

In the past few days, the city of Los Angeles has filed suit against three major mortgage lenders: Wells Fargo, BofA and Citibank, alleging that their mortgage procedures had been at least partly to blame for over 200,000 foreclosures between 2008 and 2012 on mortgages made since 2004, costing the city over $1.2 Billion. The suit charges these lenders with various types of discrimination in making mortgages, including redlining. All three defendant banks denied any of the violations charged. If you borrowed a mortgage from any of these banks at any time since 2004, and have lost your home, or been threatened with the loss of your home, contact your attorney, or, if you cannot afford one, contact legal aid. Clearly, the charges have to be proven in court before any damages can be assessed, and that may take several years, as well as the fact that the existing suits are filed by the city of LA, but, if you feel you have valid claims under these alleged infringements, your attorney may feel it proper to join the suit in your behalf to cover any damages you may have incurred. As always, Good Luck.