Karl Heideck says the law suit filed by the Philadelphia City against Wells Fargo & Co. alleges that the bank breached the 1968 Fair Housing Act. This breach was brought about by checking upon mortgage borrowers through rapacious lending services. The company claims that the lawsuit is uncorroborated and that their services are fair. This suit was filed on 15th May in a District Court in the United States of America, the Eastern District of Pennsylvania.
The City alleges that the Bank is steering Hispanic and black borrowers to more risky loans with high return rates. This is despite them qualifying for credit with less interest and low risks. The City also claims that the bank is making it difficult for refinancing of mortgages afterward by the borrowers. Another claim by the city is that the bank it forces its customers to pay much more percentage into foreclosure than that which was situated by white borrowers. The City had done a vigorous investigation of these claims by looking at data records before presenting it to court.
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From the data record, it was determined that black borrowers while twice likely to be handed loans with high-interest rates as compared to the whites. The Hispanics would be 1.7 times likely to be given riskier mortgage loans in comparison to the whites. The City alleges that such actions have led to the impairment of the minority community. This is because of a high number of reclosure thus reducing the ability of the community to borrow loans.
Karl Heideck is a city attorney, a risk management officer and compliance. As a Contract Attorney, from 2015 he has worked at Grant & Eisenhower, PA. He has reviewed several materials discovered and reviewed for bank litigation and securities fraud. He has focused on matters relating to risk management, transactions, liquidity positions, and acquisition. Karl Heideck has consistently improved reviewed protocol by participating in conferences with co-counsel on verifications of such.
He holds a Bachelor of Arts in English Language and Literature and Law from Temple University (James E. Beasley School of Law). He was an associate at Conrad O’Brien. He represented individuals customers and corporate in sophisticated and commercial litigation. These services included SEC receivership, banking, and government investigations, toxic tort defense and white collar criminal investigation. He has done a research and wrote analytical memoranda. He has also drafted and filled professional correspondence and pleadings. Apart from participation in settlement negotiations, he has trailed satisfactory ruling.