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United States Supreme Court to Consider City of Miami Lawsuit

In December of 2013, the City of Miami sued Bank of America, CitiGroup, and Wells Fargo in federal court, alleging that the banks violated the Fair Housing Act by specifically going after minorities with undesirable home loans. This practice, the lawsuits alleged, resulted in harm to the City in the forms of lost tax revenue and increased municipal costs in dealing with the problems associated with large numbers of foreclosed, sometimes-illegally occupied, largely neglected properties. At the time, the City of Miami had this to say: “While these banks were generating substantial revenue from the issuance of predatory mortgages, the City of Miami was losing significant revenue and incurring costs that have not been reimbursed.” These lawsuits were covered in the 56th Edition of HOPE

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$10 Million Settlement for Mortgage Lending Discrimination

Settlement Provides Over $10 Million in Monetary Relief Including Loan Subsidies and Compensation for Alleged Victims
Justice Department and Consumer Financial Protection Bureau Reach Settlement with BancorpSouth Bank to Resolve Allegations of Mortgage Lending Discrimination

The Justice Department and the Consumer Financial Protection Bureau (CFPB) announced a settlement agreement today to resolve allegations that BancorpSouth Bank violated the Fair Housing Act and Equal Credit Opportunity Act (ECOA) by using policies and practices that unlawfully discriminated against African Americans and other residents of predominantly minority communities in the Memphis, Tennessee, area, as well as parts of neighboring Mississippi and Arkansas.

The department and the CFPB alleged that

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