Sept 1 (Reuters) - A federal appeals court on Tuesday revived three lawsuits in which the City of Miami accused Bank of America Corp, Citigroup Inc and Wells Fargo & Co of violating the federal Fair Housing Act by engaging in predatory lending.
The 11th U.S. Circuit Court of Appeals said a lower court judge applied too stringent a standard in dismissing the city’s claims.
Miami accused the banks of having for a decade steered black and Hispanic borrowers into higher-cost mortgage loans, resulting in higher foreclosures, lower property tax collections, and increased spending to combat urban blight.
Reporting by Jonathan Stempel in New York; Editing by Bernard Orr