Last update: January 6, 2010 – 8:53 PM
A federal judge granted Wells Fargo & Co.’s request to dismiss a 2008 lawsuit filed by Baltimore alleging the banking giant’s lending practices led to foreclosures that harmed the city. Baltimore accused Wells Fargo of making bad loans in black neighborhoods that resulted in widespread foreclosures, leading to millions of dollars in lost tax revenue and other costs. “From the beginning, we have consistently maintained that Baltimore’s economic problems could not be attributed to the small number of foreclosures Wells Fargo has done in Baltimore,” said Cara Heiden, co-president of Wells Fargo Home Mortgage. The decision is similar to those in other cases brought against lenders in Birmingham, Ala., and Cleveland, Ohio.
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