So the city needs to prove that Well Fargo had a racist desire to pushed subprime mortgages to black people in Baltimore City which resulted in Well Fargo seeing higher foreclose rates and to incur substantial losses on said loans.

I think the city has a tough case to prove.

I have no doubt Wells Fargo did commit discrimination (racial/age/disability), our current Credit Rating "style" promotes this. What I think they should alter in their pleadings is the ability of Wells Fargo to actually "prove" ownership of these mortgages "in the first place"! I am fight WF on a foreclosure of my own. Through legal discovery I find that my own loan was sold or transferred or5 assigned at least 5 times. Each time, I have all the paperwork, not a single person actually signed any of these documents! Also, the last assignment in my own case, wasn't even created until AFTER the foreclosure was initially filed, meaning WF lacked "Legal Standing" to initiate suit in the first place. Some Courts are getting wise to this. Mine, it would appear not. But AG backed countersuits and an education of the Courts would go a long way to stop these foreclosures plaguing this Country. For more, see www.MSFraud.org Law Library Legal Lounge and inspect the cases on the left.

If Well Fargo is the loan servicer acting on behalf of the loan owner (trustees as assigned), loan payments were not made, and the statement of debt is not questioned then Wells Fargo has legal standing to foreclose.

By the way, it sounds like your "Credit Rating" and the subprime rate to off set risk of making the loan were well deserved based on the foreclosure.

Good luck with your legal fight!

Is it true that Balt. City had first threatened to sue Wells Fargo for not making enough loans available to the sub prime market?

The City has threatened to sue or sue mortgage lenders since the late 80's when rates came down. The reasons are multi fold. The City used it's own borrowing power to raise money for a City run home loans program in the late 70's/early 80's. The results were similar to disasters we see now except with subprime loan with low rates, and high loan loses. Adding to the problem was a political inability to foreclose in order to minimize losses, in the end the defaulting “owners” didn’t maintain the properties which lead to abandonment, and neighborhood problems.

So the City loans program results were kept quiet and in the late 80’s the City decided to let mortgage lenders take the risk, and use political/legal pressure in an effort to increase lending. It was easy pickings for the City during all the bank mergers of the 90’s, and easy money available until our current lending crisis.

My fear is all the crazy lawsuit by housing activist, combined with huge losses in the industry will effectively kill low income mortgage lending all together.

Mortgage bankers will more away from using credit scores and simply require higher down payments, with stricter income borrowing ratios, if this happens it will permanently suppress the real estate industry.

Wells Fargo should countersue all of those who lied on their mortgage applications

Wells Fargo is guilty of the predator servicing of my mortgage;They pray upon the people that they have mortgage accts with and if someone gets a large insurance settlement check from their homeowner's ins. company,they try to use all kink of delays & excuses to hold the building contractors at bay,while they use this $ in their escrow acct to increase their banking reserve requirement allowing them to lend out additional funds and therefore make additional profits;They have held my funds in their zero-interest bearing escrow acct for 2 years now;I had to finance the expensive,six-fiqure reconstruction of my home by using my savings & borrowing the rest;Wells Fargo knows that the home was finished nearly a yr ago but refuses to give me the $ until I sign a letter saying that their executives,officers,& employees are absolved of any and all guilt/liability;The Comptroller of The Currency has my complaint but has not forced WF to cease & disist in these violations of the Federal Unfair & Deceptive Practices Act!