Philadelphia Lawyer Karl Heideck Examines Predatory Lending Practices Allegedly Committed By Wells Fargo Bank

Philadelphia, one of the most populous cities in the nation, has filed a lawsuit in United States Supreme Court accusing Wells Fargo of violating the 1968 Fair Housing Act. If Wells Fargo is found guilty of the charges mentioned in the lawsuit, the City of Philadelphia may receive an undisclosed amount of money for damages caused to minority borrowers and affected neighborhoods.

Karl Heideck, a Philadelphia lawyer specializing in litigation and corporate law reviewed the claims and offers an explanation of the city filing the lawsuit. In a Phillypurge News article, on May 24 of this year, he detailed the claims and explains what the bank is accused of doing by the city. Sources said Wells Fargo is denying all claims and is preparing for a response to the allegations.

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Karl Heideck has seven or more years practicing as a licensed attorney in Greater Philadelphia, Pennsylvania. He has worked with law firms, including Conrad O’Brien Law and Pepper Hamilton LLP as an associate attorney, project lawyer, and quality controlled specialist. Heideck is now a licensed attorney reviewing security fraud and banking litigation cases for Grant Eisenhower Law Firm. His most recent review is on the claims filed in a case against Wells Fargo Bank for using predatory lending practices. Karl Heideck said in the review that the claim against the bank in San Francisco, CA misguided minority borrowers who obtained mortgage loans.

Since 2016, the City of Philadelphia had been investigating the claims based on a database of loans given to borrowers over a ten year period. Karl Heideck said the city claims Wells Fargo actions resulted in higher foreclosure rates, specifically minority neighborhoods for Hispanics and African-Americans. The loans were riskier compared to those given to white borrowers, the claim suggests based on an analysis of loans data. Philadelphia complaint is that homes were 4.7 percent more likely be foreclosed compared to homes in predominantly white neighborhoods. Karl Heideck has experience representing individuals and corporations in civil matters, government investigations, and other legal issues.

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