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 improper home foreclosures.
The case, which was heard in November, before Justice Neil Gorsuch was appointed to the court, 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 family members to sue lenders.… …read more
From:: biz journal foreclosures