GREENBELT, Md. (AP) — Maryland’s two biggest counties are suing two major banks over alleged predatory and discriminatory mortgage practices.
The Daily Record reports that Montgomery and Prince George’s counties accused Wells Fargo and Bank of America in a recently filed federal lawsuit of exploiting minority borrowers.READ MORE: Author D. Watkins To Make Commencement Address At Johns Hopkins School Of Education Graduation
The counties said the banks have for several years been pushing minorities toward expensive and riskier types of mortgages.
The counties said the banks’ approach has contributed to higher foreclosure rates among minorities and is hurting the counties’ finances.READ MORE: Baltimore Man, 32, Wanted In 2020 Murder Case, Police Say
The banks said the allegations are meritless.Where's Marty? Checking Out The Sunrise Tours At Pimlico
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