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U.S. Supreme Court sides with City of Miami in discriminatory lending case

(Miami, FL May 1, 2017) - City of Miami Commissioner Francis Suarez is pleased to announce that Miami had a major victory in its lawsuit against the banks whose predatory lending practices helped cause the City’s foreclosure crisis.  In a historic 5-3 decision, the U.S. Supreme Court ruled today that cities have standing under the Fair Housing Act to sue banks that employ discriminatory lending practices.  This ruling opens the door for the City of Miami to proceed with its lawsuit, which alleges that Bank of America and Wells Fargo discriminated against African American and Hispanic homeowners in their mortgage terms and fees, leading to excessive foreclosures and loss of property tax revenue collected by the City. 
 
Commissioner Suarez, who spearheaded the City’s decision to sue the banks, said today that this pivotal decision opens the door for the City’s case to proceed.  “We are extremely pleased that the Supreme Court ruled in our favor,” said Commissioner Suarez.  “These lending practices unfairly targeted minority homeowners, and they ended up creating a budgetary crisis for Miami, making it impossible to address our residents’ needs.  Our goal in filing this lawsuit was to help redress the damage that was done to the City of Miami and our residents, and today the Supreme Court's decision gets us one step closer to our goal.”
 
Commissioner Suarez will host a press conference to further discuss the U.S. Supreme Court’s decision and the progress of the case; details are forthcoming soon.


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