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Volume 2014 - Number 22

June 5, 2014

Cities Ramp Up Lawsuits Against Banks for Alleged Loan Bias That Resulted in Foreclosures, Lost Tax Revenue

There has been a resurgence of city lawsuits lately against major banks seeking to recover lost property tax revenues, which city officials say were needed to pay for expensive foreclosure-related city services. The latest in these lawsuits was filed by the City of Los Angeles against JPMorgan Chase alleging discriminatory mortgage lending led to a wave of foreclosures that continues to diminish revenue for basic city services. The new litigation against Chase comes...

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