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MEMPHIS, TN – Memphis and Shelby County leaders have filed a federal lawsuit against Wells Fargo, claiming the company’s lending practices have violated the Fair Housing Act and “wreaked havoc” in Memphis and Shelby County. Memphis Mayor A C Wharton said homeowners are not the only ones who feel the loss during a foreclosure, he believes the city and county suffer too.
“We’re here because we want to go on record today of affirming our belief that the unfair lending practices that have wreaked havoc on individuals and families have also impacted the larger community,” Wharton said. “Many of the bad loans that have been doled out by unscrupulous lenders has been like giving families wooden boats with crepe paper bottoms.”
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