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Chicago Mortgages
City attorney takes aim at big banks
City attorney takes aim at big banks

Much of what Los Angeles City Atty. Mike Feuer alleges in his lawsuits against four big banks for their mortgage and foreclosure practices isn't debatable. In his latest lawsuit filed May 30 against JP Morgan Chase, Feuer alleges that mortgage lenders swarmed into low-income minority neighborhoods with easy but deceptive offers of credit to people ill-equipped to handle the economic burden. Federal regulators and financial analysts recognized long ago that predatory practices, such as steering some borrowers into loans with high costs and stiff terms even though they qualified for better loans, thrived in the sub-prime mortgage market. "From 2002 to 2005, credit flooded into...

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