May 23, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Los Angeles Sues Chase Bank

Chase
Los Angeles city attorney Mike Feuer has filed a lawsuit against Chase Bank. (Thinkstock)

Los Angeles City Attorney Mike Feuer sued JPMorgan Chase & Co. in federal court on May 30, accusing the bank of discriminatory and predatory lending that has led to a surge in foreclosures among minorities and reduced tax revenue for the city.

Chase practiced a form of discrimination known as “reverse redlining” when it extended “mortgage credit on predatory terms to minority borrowers in minority neighborhoods in Los Angeles on the basis of the race or ethnicity of its residents,” Feuer’s lawsuit said.

The bank has refused to “extend mortgage credit to minority borrowers in Los Angeles on equal terms as offered to non-minority borrowers,” according to the lawsuit.

Chase spokeswoman Suzanne Ryan said the bank will “vigorously defend this lawsuit.”

“We are disappointed the L.A. city attorney is pursuing an adversarial approach to address city finances impacted by the recent economic downturn,” she said. “While the downturn was beyond our control, we will continue to partner with Los Angeles in the recovery.”

Feuer’s office is seeking damages from Chase, pointing to decreased tax revenue due to the lowered values of foreclosed properties, as well as increased costs from having to deliver city services to deal with blight at vacant, foreclosed properties.

Feuer in December also sued Wells Fargo, Bank of America, and Citigroup. He said a federal court judge on Wednesday shot down an attempt by Wells Fargo to dismiss a similar lawsuit filed by the City Attorney’s Office.

“L.A. continues to suffer from the foreclosure crisis, from blight in our neighborhoods to diminished revenue for basic city services,” Feuer said. “We’re fighting to hold those we allege are responsible to account and to help bring back every community in our city.”

Feuer said as an Assemblyman, he authored the Homeowners’ Bill of Rights and other legislation aimed at helping homeowners struggling with foreclosure.

Related Posts

UCLA Police Chief Reassigned After Assault on Palestine Solidarity Encampment

May 22, 2024

May 22, 2024

Acting Chief Named as John Thomas Reassigned to Other Duties on Monday By Dolores Quintana In the aftermath of the...

(Video) The Long Awaited Opening of @Something About Her. The line was down the block for most of the day. Huge success

May 22, 2024

May 22, 2024

If you look closely you can see the owners in the video, who were so very gracious and genuine to...

Off-Duty West Bureau LAPD Officer Arrested for Assault with a Deadly Weapon

May 22, 2024

May 22, 2024

Officer Taken Into Custody in Westchester, Internal Affairs is Investigating An off-duty Los Angeles police officer was arrested Tuesday for...

UC Workers’ Strike Intensifies Amid Unresolved Labor Disputes

May 22, 2024

May 22, 2024

University of California Refuses to Attempt to Resolve ULPs The California Public Employment Relations Board (PERB) has urged the University...

LAPD, DEA, and Postal Service to Investigate Actor Matthew Perry’s Death

May 22, 2024

May 22, 2024

Authorities to Probe How Perry Obtained Ketamine Found in His System. The Los Angeles Police Department (LAPD) has launched an...

Venice Canal Attack Victim’s Condition Takes a Tragic Turn

May 22, 2024

May 22, 2024

CD 11 City Councilmember Traci Park Releases Statement The devastating news that one of the two women who were brutally...

City Files Lawsuit Against Motel Owners For Allegedly Allowing Drug Activity

May 22, 2024

May 22, 2024

A Court Order Could Close the Motel for One Year and Require Changes to Management By Zach Armstrong A lawsuit has...

(Video) 2024 Take Action Campaign Happening Now

May 21, 2024

May 21, 2024

More Information at takeactionla.com @culvercitywlanews Take Action Campaign is happening now throughout LA County #mentalhealth #losangeles #fyp #california #wellbeing #health...

Father-Son Duo RSG Janitorial Services Finds Joy In Serving Customers

May 21, 2024

May 21, 2024

Finding handymen and janitorial services can be a hard pick. RSG Janitorial Services, based in Los Angeles, offers a mix...

LA Pride 2024 Announces George Takei, Cassandro, and Kristin Crowley as Grand Marshals

May 21, 2024

May 21, 2024

Celebrate “Power in Pride” with live broadcasts, a block party, and special events This year’s LA Pride Parade will celebrate...

Target Slashes Prices on 5,000 Everyday Items for Summer Savings

May 21, 2024

May 21, 2024

Consumers to Enjoy Reduced Prices on Essentials Starting Now Target Corporation announced on Monday it will lower the everyday regular...

Check Out Local Library Events and Weekly Reading Programs For This Week

May 21, 2024

May 21, 2024

Brentwood, Palisades, and West Los Angeles Libraries Are Ready for Summer As summer approaches, local libraries are gearing up for...

Los Angeles County Rent Relief Program Opens Second Round of Applications

May 20, 2024

May 20, 2024

Applications Accepted Until June 4, Funding and Support Have Been Increased  The Los Angeles County Rent Relief Program (LARRP) has...

Detectives Seek Public’s Help to Locate Attilio Brillembourg, Stepfather of Greek Princess

May 20, 2024

May 20, 2024

Stepfather of Princess Tatiana of Greece is Missing in Malibu Detectives from the Los Angeles County Sheriff’s Department are seeking...

Culver City Council to Review Parking Rates, Proclaims May Heritage Months

May 19, 2024

May 19, 2024

Gender-Neutral Restrooms Ordinance and City Proclamations Announced On Monday, the City Council of Culver City unanimously agreed to revisit new...