Attorney Karl Heideck On The Philadelphia Vs. Wells Fargo Case

Karl Heideck is a brilliant attorney who is very much in the public eye due to his high profile cases such as Pepper Hamilton LLP and Conrad O’Brien as well as being a contract attorney for Grant and Eisenhofer. He appears in many magazines and on many websites.

Mr. Heideck earned his BA from Swarthmore college in 2003 and went on to Templeton University Beasley School of Law and received his JD in 2009. He began practicing law in Philadelphia for a number of years and now is making his mark in Pennsylvania.

In May of 2017 an article was published on where Mr. Heideck explains the lawsuit by Philadelphia against Wells Fargo. Wells Fargo is an American banking and financial services company that is the 10th largest in the world based in San Francisco California.

The core of the lawsuit hinges on the “Fair Housing Act of 1968”. This act prevents discrimination against the sale, rental or financing of housing based on race, religion, national origin and sex. The state of Philadelphia claims that Wells Fargo is in violation of this act.

Mr. Karl Heideck explains that Philadelphia charges that Wells Fargo made it difficult for black and Hispanic borrowers. They say these borrowers were credit worthy of lower interest rates and lower risk mortgages and were steered into making bad choice loans. They also insist that Wells Fargo made it difficult for these borrowers to refinance their homes. The city says this made for higher crime rates and lower value on properties.

Wells Fargo is still reeling from a charge of creating fake customer accounts to meet goals as well as this violation of the “Fair Housing Act”. These practices are known as “redlining”. This happens when a company draws a “red line” around and area that they don’t want to extend loans to, which goes against the constitution when it done because of race.

Wells Fargo has come up to bat in this case unlike the “fake customer account” case in which they remained docile. They plan to fight this case although they have not written a legal answer to the complaint.


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