JPMorgan sued by Miami over mortgage discrimination

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

At issue are alleged predatory lending practices in minority neighborhoods since at least 2004 which Miami blames for causing waves of foreclosures in the housing bust. After issuing high-cost loans to minorities, JPMorgan (JPM -0.3%), says the city, refused to refinance on the same eased terms extended to others.

The lawsuit follows a similar one launched a few weeks ago by Los Angeles.  Wells Fargo, Citi, and BofA face similar charges.