Latest reports have shown that the city of Philadelphia has filed a case against Wells Fargo Company. The city claims that the company has gone contrary to the fair Housing Act which was established back in 1968. By crafting ways in which mortgage is made available to a few selected people, the Fargo Wells company has displeased the citizens of Philadelphia. However, the Wells Fargo company claim that the allegations are not true and that it offers equal opportunities for all.
Various problems are facing the Wells Fargo company. The city claims that the bank offers loans that are hard to finance back. This has been caused by increased rates and high risks that come along with loans. Investigations had been ongoing for over a period of ten years, and once they were over, the city went ahead to file the case against the Wells Fargo company.
The city is demanding for compensation repayment in the form of money for the damages. Also, they are also asking the bank to bring discrimination to an end. Interesting to note, Justice Stephen Beyer also reveals that Wells Fargo could also be sued in Miami.
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The allegations being filed against the Wells Fargo Company are known as redlining. This involves a bank not fairly serving customers around their neighborhood. Through the practice of racism in giving loans and charging very high rates, banks have intimidated people from applying for loans.
About Karl Heideck
Karl Heideck, who serves as an attorney in the Grant and Eisenhower PA, has been involved in litigation when it comes to banking and dealing with the mortgage crisis. Karl’s academic qualification is worth noting as he holds an honorary degree in law and a Bachelor of Arts in the English language.
Before Karl Heideck sunk in litigation in the mortgage crisis, he was practicing as a project attorney. He had gained significant expertise when it came to filing complaints and responding to them on time. Karl Heideck has stood out as a contract attorney and a consultant when it comes to risk management advisement and incorporate law representation.
Learn more about Karl Heideck: http://www.spokeo.com/Karl-Heideck