Philadelphia recently filed a lawsuit against Wells Fargo after a year of investigations into the company’s predatory lending practices. The city claims that Wells Fargo violates the gait housing act of 1968 by steering minority groups such as the black and Hispanic people into riskier loans and those with high-interest rates. That makes it difficult for these groups of people to pay their loans and mortgages something that leads to foreclosure of their properties. As a result, the entire city gets hurt as crime rates and sabotage incidents tend to rise while the value of properties tends to decrease. During the investigation, borrowers who came from these minority groups had a FICO of more than 660 while those who were white had lower rates. This is just one among the string of cases and law files which have been filed against Wells Fargo. For instance a few months ago a suit had been filed against it due to creating fake customers accounts to push bankers to meet sales goals and also a few others which are similar to the one that the city of Philadelphia wants to file against the bank. However, instead of backing down, Wells Fargo has come out strongly against the allegations made and states that it has served the city for more than a century now and has always practiced equal and responsible lending. The company has however not written down its legal answer yet. Some of the people who made comments on the matter include the prominent Karl Heideck.
About Karl Heideck
Karl Heideck is a household name in the field of law and is a contract attorney known for his prowess in all his endeavors. Since 2015, Karl has had his name listed by the hire counsel and is quite an intellectual having earned his degree in law from the famous James E. Beasley school of law and a B.A in English from Swarthmore College. Karl Heideck is one of the leading players in this field for close to two decades now and prides himself on working with a wide range of prominent law firms. Heideck focuses on several categories such as compliance and risk management, corporate and employment law, product reliability, civil litigation and several others and is known for his willingness to serve residents of the greater Philadelphia. Karl Heideck is also a frequent figure in publications and broadcasts where he advises on legal matters such as the recent case against Wells Fargo and the new salary history law. Visit:http://thereisnoconsensus.com/career-spotlight-litigation-karl-heideck/