Update: City's predatory-lending suit against Wells Fargo
Saying that the city was so "thirsty for revenue" that it had to sue companies, Wells Fargo attorney Andrew Sandler blamed Baltimore for its foreclosure problems, particularly its tax lien system and high property taxes. There "is not a single assertion that's beyond mere speculation that Wells Fargo is the problem," Sandler said.
City lawyer John Relman said Baltimore would show "the precise injury" if the case went forward. In its complaint, the city says Wells Fargo targeted black communities to distribute risky subprime loans, making it "one of the leading causes of the disproportionately high rate of foreclosures" in such neighborhoods.