A lawsuit filed by the City of Philadelphia accuses Wells Fargo & Co of violating the Fair Housing Act of 1968. The bank is getting accused of wrongdoing for lending money to Hispanic and Black people so that they are forced to get a high mortgage then, eventually, foreclosing their homes. For 10 years, the city is investigated for further proof of these allegations. There is data that can be looked at to show that it was true, the higher interest rates were given to the black and Hispanic people than to the white people. The minorities were being conned into a risky deal by the bankers.
With that said, Philadelphia highly disagrees with Wells Fargo and their treatment to the minorities. It is very discriminating because the company is not being fair and basically tricking the minorities because they are of color. This discrimination act could definitely result in some negative results such as starving families with no homes and crime rates will go up.
The banks have become so engulfed in their money that they even have to shame the people who cannot afford homes by drawing a red line around the houses. However, Wells Fargo continues to deny that they would ever commit to discrimination in banking. The company is actually fighting back because they believe that they are not doing anything wrong.
Karl Heideck is the attorney who is focusing his “legal practice” on this lawsuit against Wells Fargo & Co. Karl Heideck wants to help his clients in the Philadelphia area. He graduated in 2009 from Temple University Beasley School of Law with honors and a Juris Doctor. Also, Karl Heideck works as an attorney at the law firm Grant & Eisenhower PA where he reviews banking litigation, securities, fraud, risk management and more. Karl Heideck has great legal practice with civil litigation, compliance, and risk management.
Find more about Karl Heideck: https://karlheideck.wordpress.com/