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News of the Competition (06/06/2014)
  • LOS ANGELES (6/6/14)-- The city of Los Angeles has filed a lawsuit against JPMorgan Chase alleging the bank saddled minorities with risky mortgages and then reaped the profits from their inevitable foreclosures ( Forbes June 5).  Some believe the suit could ultimately rake billions away from the bank in settlements, just as suits against other big banks have led to massive payouts for similar discriminatory lending practices. This suit alleges JPMorgan has conducted these predatory lending practices--imposing different terms or conditions on a discriminatory basis--since at least 2004. The suit also alleges that after the economic downturn in 2008, according to Forbes , the big bank then began refusing to hand over mortgages to minorities, or offering them with higher rates than the borrowers should have received. . .


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