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U.S. judge tosses Miami mortgage discrimination suit against BofA
Source: Reuters
U.S. judge tosses Miami mortgage discrimination suit against BofA
BY DENA AUBIN
Wed Jul 9, 2014 11:15am EDT
(Reuters) - A federal judge has dismissed the City of Miami's mortgage discrimination lawsuit against Bank of America Corp (BAC.N), ruling the city lacked legal standing to sue for damages under the U.S. Fair Housing Act.
In a ruling with implications for other banks facing similar lawsuits, U.S. District Judge William Dimitrouleas on Tuesday said the city's claims were outside the purpose of the 1968 law, meant to assure fair housing nationwide.
Miami had accused the bank of giving minorities loans they could not afford, which the city said led to foreclosures, lower property values and neighborhood blight.
The city sued to recover lost property tax revenue and increased city expenses in neighborhoods with vacant properties.
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BY DENA AUBIN
Wed Jul 9, 2014 11:15am EDT
(Reuters) - A federal judge has dismissed the City of Miami's mortgage discrimination lawsuit against Bank of America Corp (BAC.N), ruling the city lacked legal standing to sue for damages under the U.S. Fair Housing Act.
In a ruling with implications for other banks facing similar lawsuits, U.S. District Judge William Dimitrouleas on Tuesday said the city's claims were outside the purpose of the 1968 law, meant to assure fair housing nationwide.
Miami had accused the bank of giving minorities loans they could not afford, which the city said led to foreclosures, lower property values and neighborhood blight.
The city sued to recover lost property tax revenue and increased city expenses in neighborhoods with vacant properties.
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Read more: http://www.reuters.com/article/2014/07/09/us-usa-housing-disrimination-miami-idUSKBN0FE1O320140709
