The city of Miami is taking JPMorgan Chase & Co, the country’s biggest bank, to court based on major claims of housing discrimination against its residents of color.
In a lawsuit filed Friday, the city accuses JPMorgan of predatory mortgage lending in neighborhoods occupied predominately by people of color, violating the U.S. Fair Housing Act. Reps for the city claim that the alleged discriminatory practices caused a wave of foreclosures that have negatively effected the city long term. Reuters reports:
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.
The lawsuit came just weeks after the city of Los Angeles filed similar claims against JPMorgan, seeking to recoup damages for lost tax revenue and increased city services needed in blighted neighborhoods.
“The Miami City Attorney’s claims are baseless and stand contrary to our long record of providing affordable housing to low- to moderate-income families across the region,” JPMorgan spokesman Jason Lobo said. The bank will defend itself against the claims, he said.
Wells Fargo & Co, Citigroup Inc and Bank of America Corp also face lawsuits by Los Angeles and Miami for allegedly giving minorities home loans they could not afford, resulting in massive defaults.
The banks have contested the claims, saying they have records as responsible lenders.
Among major cities, Miami has led the country in foreclosures, and JPMorgan’s practices contributed to its problems, Friday’s lawsuit alleged.
Loans in predominantly minority neighborhoods in Miami were about 4.6 times more likely to result in foreclosure than loans in neighborhoods with a majority of white residents, the lawsuit said.
Miami is still being damaged because of the services needed to combat unsafe and dangerous conditions, crime and even gang activity at foreclosed properties, the lawsuit said. Read more.
Also On Black America Web:
This Week’s Celebrity Instagrams (6/18-6/24)
25 photos Launch gallery
1. Me & the homie @jaleelwhite #RujohnFoundation Happy to be in Jamaica! Good times
1 of 25
2 of 25
3 of 25
4 of 25
5. Good Morning. Early day in Detroit! Making press rounds for @thebossnetwork's Ladies That Lead Tour. Thank you @traycemadre and @colourbynumbr for my glam.
5 of 25
6. POWER the best show on TV @djenvy, Queens we so big out here. #EFFENVODKA #FRIGO
6 of 25
7. They said u lost a step, wasn't explosive as once was, the best days was in the real view, questioned your drive, your leadership, your commitment, you don't have killer instinct, going back home is the worst mistake in your career, he got the coach fired, players traded, won't work between him and Kyrie, Him and Kev won't work, love your teammates to much, there's no way he can deliver a championship in his hometown, etc etc etc.... But guess what THATS NONE OF MY BUSINESS #StriveForGreatness #ThisOneIsForTheLand #PutSomeRespeckOnMyName Hahahaha!!! Yes sir
7 of 25
8. Oooooh weeee this man right here is responsible for at least three of our four babies!! #JOE ❤❤❤🎤 #rnb #king #voicelikebutter #ForPeetesSake
8 of 25
9. Hanging with my @abcnetwork family! @abcunclebuck tonite y'all check us out ! @anthonyanderson @traceeellisross
9 of 25
10. My broski ( @sayeedshahidi ) and I are on Top 5 Live on @go90 at 5 (which is super duper close)! Make sure to tune in :) #UncleBuck #Blackish
10 of 25
11. Lights out💤 #GoodNight
11 of 25
12. Late nights mornings
12 of 25
13. Ran into the lovely talented @siedahgarrett on this brutiful favvuz deh!
13 of 25
14. #halal #love #thedargans #kattwilliamsSHOW #mashallah when that Jennah piece HIT!! @sweetjennahcollection glasses by @baddieglamaccessories LIZ 😍 @dynamiteko top @dazzledmv and jeans @thevision414 and shoes: @louboutinworld
14 of 25
15. Big Hair and Optical Illusions #OceanDrive #MiamiLiving #coverparty
15 of 25
16. MAMA and THE SAVAGES ... ⚓️ #supportyourlocalgirlgang
16 of 25
17. From the bottom of my ❤️, thank you new followers & old! & hello fellow night owls! #grateful #racheltrue #naturalhair #curlyhair #curlygirl #healthyhair
17 of 25
18. I feel so grateful because I met these amazing young minds, visiting from Houston TX, during their college tour stop today at #usc.These students are ALL extraordinary and embody academic excellence so I'm humbled to have shared a few moments with them to applaud and celebrate their bright futures ahead! Thank you @EmergeFellows for inviting me to speak and blessing me with your love and attention this afternoon!
18 of 25
19. Happy Fathers Day Pops. U taught me how to be a man. Lessons of love, hard work & gratefulness. Sorry the fishing didn't stick. LOL. I Love U!
19 of 25
20. Sky Zone and Ice Cream! Best Fathers Day Ever!! Photo credit @mariahcarey
20 of 25
21. Look what finally came in the mail 😎 #mtvmovieawards2016 💥+🌽! #straightouttacompton
21 of 25
22. Claudia Jordan: ....
22 of 25
23. 'Member that time I almost knocked a bajillion dollar camera off the car? Really? Yeah, me neither! #Greenleaf Episode 2 comin atcha!
23 of 25
24. Full of love. #birthday #Cabo
24 of 25
25. Oh hey! Look who just joined Snapchat
25 of 25