Karl Heideck Wades Into Philadelphia’s Wells Fargo Redlining Controversy

Karl Heideck Wades Into Philadelphia's Wells Fargo Redlining Controversy

Karl Heideck Wades Into Philadelphia’s Wells Fargo Redlining Controversy

An outdated practice known as “redlining” has recently come back to the attention of the public after the practice was highlighted by attorney Karl Heideck as being a major part of a lawsuit brought by the City of Philadelphia against the Wells Fargo bank. The practice of redlining was commonplace in the 1930s when banking executives would draw red lines on maps around neighborhoods where the residents were unlikely to be given loans or mortgages.Karl Heideck brought up the practice of redlining after identifying the similarities of the practice to those alleged to have been used by officials at Wells Fargo who are accused of racially discriminating against African American and Hispanic borrowers; the City of Philadelphia looked back over years of loans and discovered a major difference between those offered to members of minority groups who were largely offered higher interest and riskier loans than their white counterparts.

Although the Lawyer of Philadelphia has alleged these unfair loan practices have taken place and Karl Heideck states they have statistics to back up their claims showing white borrowers were given preferential treatment, Wells Fargo has so far stated all claims against them are false. The bank has yet to file any written response to the lawsuit filing by the City of Philadelphia, which could become a major case for all those interested in laws surrounding civil and human rights.Few legal professionals are in as strong a position as Karl Heideck to look at the litigation between the City of Philadelphia and Wells Fargo bank as the graduate of Temple University’s Beasley School of Law is employed to uncover data regarding difficult financial issues involving banking litigation. Follow him on Twitter : https://twitter.com/karl_heideck

Heideck is employed by Grant & Eisenhower as an attorney specializing in risk management and civil litigation.The success achieved by Karl Heideck comes after the legal expert worked his way through a number of legal practices and began bringing news and expert advice to the people of the world through his blog. Through his blog Karl Heideck looks to explain some of the major developments taking place in the legal world facing people at both a local level in the Philadelphia region and at a national level. Learn More.

 

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