Should Banks Be Liable For Effects Of Bad Loans
When a person defaults on a loan, they may lose their home and have their credit rating ruined. But the effects of the default may not be limited to just that person – enough loan defaults can be felt across an entire city. That’s what the city of Miami is claiming in a lawsuit filed against Wells Fargo and Bank of America, trying to hold the lenders liable when irresponsible loans cause broader economic damage....