The U.S. Supreme Court ruled 5-3 that the city of Miami has the standing to sue Bank of America and Wells Fargo in an attempt to hold them liable for damages the city suffered from home foreclosures.
The case, which was heard in November, could set a precedent for whether municipalities are allowed to hold lenders liable under the Fair Housing Act, which was previously used by borrowers and their immediate families to sue lenders. On May 1, the Supreme Court ruled that the FHA can apply to a city’s… …read more
From:: biz journal foreclosures