The city of Philadelphia claims that Wells Fargo is forcing the blacks and the Hispanic into taking high-interest loans to make profits. The residents also stated that the bank is restricting black borrowers to refinance the mortgages and claiming higher interest rates compared to the white borrowers. It was investigated for more than a year before filing the case, and it was proven when data in wells Fargo showed how much the blacks pay as interest and the much white borrowers pay.
The city is, therefore, asking for unspecified finance damages along with stopping the bank to practice discriminatory lending. The bank practiced this for ten years, and that type of borrowing affected the residents since most residents are blacks and the Hispanics. The value of the properties dropped, crime rates increased, and frequent incidents of vandalism were reported due to this borrowing. Wells Fargo practiced redlining where they denied lower interest loans to the loyal customers because of their race or the locations. However, wells Fargo denied the claims stating that it uses fair lending practices.
About attorney Karl Heideck
Karl Heideck was born and raised in Philadelphia. He graduated from Abington high school in 1999. Karl later joined Swarthmore College where he graduated in 2003 with a bachelor’s degree in arts. Karl also graduated from Temple University’s E. Beasley in the school of Law with a Juris doctor in 2009. Since April 2015 Karl Helideck has been among the Mestel &Company’s Hire counsel. He is also a famous and talented blogger in Pennsylvania. The main aim of this blog is to give clear explanations of the legal information.
Experience and history
Karl is the most experienced lawyer in Philadelphia having worked in this position for more than ten years. His professional practice contributes positively to the company he has worked with over the years. Karl has several skills such as legal writing, corporate law, commercial litigation, employment law mediation, legal research, and writing. He provides services like liability of the products in the market, commercial litigation, and employment proceedings. Karl also offers compliance consulting and risk management in corporate law. Karl has represented several companies such as Pepper Hamilton LLP as the senior project attorney and as an associate at Conrad O’Brien.