The Baltimore Sun reports:
Attorneys for Baltimore City argued yesterday for the continuance of a potentially groundbreaking federal lawsuit against Wells Fargo Bank, alleging that the mortgage provider has a pattern of predatory lending in black neighborhoods that leads to foreclosures, vacant properties, lost tax revenue and significant legal fees.
Wells Fargo filed a motion to dismiss the year-old lawsuit, claiming it is "legally deficient," in part because the city's complaint doesn't detail actual injury caused by the California company. A hearing on the motion was held in Baltimore U.S. District Court yesterday afternoon.
Saying that the city was so "thirsty for revenue" that it had to sue companies, Wells Fargo attorney Andrew Sandler blamed Baltimore for its foreclosure problems, particularly its tax lien system and high property taxes. There "is not a single assertion that's beyond mere speculation that Wells Fargo is the problem," Sandler said.
So,if Wells Fargo didn't lend to Baltimore neighborhoods: Baltimore would yell redlining! But,when Wells Fargo makes loans and things don't work out it's called "predatory" lending! Remember,this is the same city that elected
Sheila Dixon who was indicted on
12 counts of felony theft, perjury, fraud and misconduct in office
.
