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.

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.

The banks said the allegations are meritless.

Follow @WJZ on Twitter and like WJZ-TV | CBS Baltimore on Facebook

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s