MIAMI (AP) — The city of Miami claims in a new lawsuit that JP Morgan Chase engaged in discriminatory lending practices for years that worsened the foreclosure crisis in minority neighborhoods.
The lawsuit filed last week in Miami federal court claims the bank has engaged in prohibited lending practices since at least 2004. The city says loans were disproportionately made in black and Hispanic neighborhoods with burdensome terms, leading to a far greater rate of foreclosures.
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