The US Supreme Court is due to hear petitions from Bank of America and Wells Fargo, which are appealing against a lower court's decision to permit a Miami housing lawsuit. The suit, filed under the Fair Housing Act, accuses the banks of predatory mortgage lending to black and Hispanic home buyers that resulted in damaging loan defaults over the past decade. In its petition for certiorari, the bank said it was "disappointed" by the ruling. The Supreme Court is set to issue a ruling by June 2017.
The US Supreme Court is due to hear petitions from Bank of America and Wells Fargo, which are appealing against a lower court's decision to permit a Miami housing lawsuit. The suit, filed under the Fair Housing Act, accuses the banks of predatory mortgage lending to black and Hispanic home buyers that resulted in damaging loan defaults over the past decade. The city of Miami lost property tax revenues and was forced to pay the costs of foreclosed properties as a result of the banks' actions. The Supreme Court is set to issue a ruling by June 2017.