The Supreme Court expanded the reach of federal housing law Monday, ruling that cities — including Los Angeles — can sue major banks for discriminatory lending practices that hurt low-income neighborhoods during the Great Recession.The outcome of this might be less loans in minority communities: why take the risk of loaning money there?
The decision gives city leaders a potentially powerful weapon against lenders, including those who were accused of predatory practices that triggered the foreclosure crisis after 2008.
Monday, May 01, 2017
Supreme Court clears the way for cities, including L.A., to sue banks over foreclosure crisis
The L.A. Times reports: