The City of Philadelphia filed suit against Wells Fargo Bank on May 15, alleging Wells Fargo violated the Fair Housing Act of 1968. The basic allegation is that the bank used predatory lending practices with minority mortgage borrowers. Wells Fargo Bank denies the charges. The city filed the lawsuit in the U.S. District Court for the Eastern District of Pennsylvania.
Philadelphia investigated Wells Fargo for a year before filing the suit. They examined loan records going back ten years, for the period 2004 to 2014. They found that Wells Fargo discriminated against African-American and Hispanic borrowers by steering them to take out loans that had higher interest rates. Based on their credit records, the minority borrowers should have been approved for mortgages with lower interest rates. White mortgage applicants with similar credit scores did receive these less expensive mortgages with lower interest rates.
African-American homeowners were more than twice as likely than whites with similar credit histories to be steered to the more expensive mortgages. Hispanics were 1.7 times as likely than whites to have to pay the higher interest rates.
Also, Wells Fargo made it more difficult for African-American and Hispanic home owners to refinance mortgages during periods of falling interest rates than for white refinance applicants. This increased the foreclosure rates for the African-American and Hispanic home owners. Because these minority home owners were 4.7 times as likely to go into foreclosure, that increased the level of blight in minority neighborhoods. However, all of the mortgage applicants the city study had FICO scores of 660 or above.
This suit adds to Wells Fargo’s many recent problems. Recently the Supreme Court of the United States ruled that the city of Miami has the legal right to sue the bank under the Fair Housing Act if they can prove a connection between predatory lending practices and the harmful consequences. Philadelphia waited to file its lawsuit until the Supreme Court issued its decision on the Miami case. Other cities could decide to file their own lawsuits against Wells Fargo.
Karl Heideck is an attorney experienced in the areas of litigation, risk management review and compliance. He has worked as an attorney in Philadelphia, and has much experience filing complaints and responding to complaints. On behalf of his clients, Heideck takes actions against individuals and organizations. When his clients need his help, Karl Heideck represents them. Know more about anordinarysoldier.com
Karl Heideck earned a bachelor’s degree from Swarthmore College in 2003. Karl Heideck received his Juris Doctor (JD) law degree from Templeton University James E. Beasley School of Law in 2009.
Anthony Petrello’s post-secondary educational career began at Yale University where he where he would graduate and receive his Bachelor’s and Master’s Degrees. Petrello would go on to attend another prestigious Ivy League University as he attended Harvard Law School where he would receive his JD.Before starting a new career in his current position with the company Nabors Industries Ltd., Petrello worked for the Law Firm of Baker and McKenzie. Petrello worked for the law firm for 12 years from 1979 to 1991. At the about the halfway mark of his tenure with the firm he became managing partner of the company‘s New York office. He would continue to be the managing partner until leaving the company in 1991.
Petrello would leave Baker and Mckenzie to become the Cheif Operating Officer of Nabors Industries Ltd. After just one year with the company, Petrello was appointed to be President of the Nabors in 1992. He would be the COO of the company for 11 years before being appointed to be Deputy Chairman of Nabors. A position he would hold until 2012. In 2012 he was named the Chief Executive Officer of Nabors, a position he still holds today.Anthony is married to his wife Cynthia. Together they have a daughter, Carena, and the three currently resides in Houston, Texas. Carena being born early at 24 weeks and weighing only 20 ounces, was diagnosed with periventricular leukomalacia (PVL), a neurological disease in premature infants caused by a lack of oxygen or blood flow to the brain.
Carena developed cerebral palsy, and other developmental delay issues as a result of her condition. The Petrellos are extremely devoted to finding answers to these issues. With Anthony being the current Director of the Texas Children’s Hospital, the Petrello’s have started raising money and awareness for further research on their daughter’s condition. Not just for the benefit of Carena but for the benefit of many others, around the world. Together the Petrello’s led Texas Children’s last campaign to extreme success and it shattered all expectations. Th campaign raised over 500 million dollars making it the largest in the Hospital’s history. Learn More.
According to the article on the website of the Madison Country Courier, New Yorkers have a new convenient method of finding an attorney to handle their legal issues. In that case, LRIS (Lawyer Referral and Information Service) has developed an online portal that can be used by individuals who are seeking for legal help. Every individual is always in need of a lawyer when faced with pressures regarding criminal acts. Therefore, LRIS has given the New Yorkers and other communities at larger the opportunity of having the confidence of getting the right lawyer to handle their criminal cases. Most of the lawyers who are matched to clients by the online portal have credentials that have been reviewed by NYSBA (New York State Bar Association).
The online technology was developed by NYSBA in partnership with the Legal.io, which is a national market provider for legal services. Legal.io is proud to partner with NYSBA, which has redefined and scale up the delivery of the legal services. Also, the advantage of the online service is that referral to the lawyer who has the credentials is free. Furthermore, the legal services are offered at an affordable cost and there is trust between clients and their respective attorneys.
About Mr. Jeremy Goldstein
Mr. Jeremy Goldstein is one of the business partners at the Jeremy Goldstein and Associates LLC. The law firm specializes in giving advice to management teams in corporations, CEOs, compensation committees, and issues relating to corporate governances. Additionally, the role of Jeremy’s Law firm is to transform corporate events and iron sensitive situations.
Before establishing his firm, Jeremy Goldstein worked at the Wachtell and Associates Law Firm as a partner. Moreover, Mr. Jeremy Goldstein has been involved in several corporate transactions over the past decade of practicing law. Examples of these transactions include the acquisition of the Dow Chemical Company, Verizon Wireless, Cingular Wireless Corporation, and America Bank Corporation.
To learn more, visit http://officialjeremygoldstein.com/.
If you’re looking for a lawyer in Brazil, look no farther than Ricardo Tosta. Ricardo Tosta is one of Brazil’s leading lawyers, and he is a prominent strategist in Brazil, known for his expertise. Mr. Tosta began working in a very small office and quickly moved to one of the larger law firms known for its skills at handling corporate litigation cases.
Mr. Tosta has defended many people in public cases, including politicians, corporations, multinationals, and the government, also. He has also been known as the founder of legal practices, which have become popular in law courts all over the land of Brazil.
Most of Mr. Tosta’s current partners were his interns in his firm, and he has served as a fine mentor to them throughout the years. He is a steady fixture in his firm, always overseeing the most important cases, and also serving as a leader when he needs to.
He has proven himself again and again able to win cases against some of Brazil’s best lawyers, and he is definitely someone whom you would want on your team in time of trouble. If you need a corporate lawyer, or a government lawyer, in Brazil, Ricardo Tosta is the man to turn to in time of need.