L.A. Goes After BofA for Discriminatory Lending
It's not just regulators or activist groups looking at fair lending data. The city of Los Angeles filed suit against Bank of America alleging discriminatory lending, practices that contributed to a higher number of foreclosures in minority neighborhoods, declining property values and lost tax revenue, and an estimated $1.2 billion in safety inspections, property maintenance and other expenses related to foreclosures. [12/10]