Los Angeles Sues JPMorgan Over Mortgage Lending Practices

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Los Angeles Sues JPMorgan Over Mortgage Lending Practices

by Wochit 0:43 mins

Los Angeles Sues JPMorgan Over Mortgage Lending Practices

by Wochit 0:43 mins

Los Angeles on Friday sued JPMorgan Chase & Co, accusing the largest U.S. bank of engaging in discriminatory mortgage lending practices that drove up foreclosures. The second most populous U.S. city said it is seeking damages for reduced property tax revenue and the higher cost of providing services, both of which it attributed to the foreclosures. Los Angeles said it had sued Bank of America Corp, Citigroup Inc and Wells Fargo & Co, the next three largest U.S. banks, in December.

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