The Wells Fargo bank has been through some tough times in recent years and is now facing a further period of uncertainty because of what financial experts with the City of Philadelphia describe as discriminatory lending practices at the nationally known bank. Financial attorney Karl Heideck has been looking at the controversy and what it means for both the people of Philadelphia and the San Francisco based Wells Fargo financial institution.Karl Heideck explains the main allegations made against officials at Wells Fargo are a refusal to provide fair interest rates and loan approvals based on race rather than credit score and employment.
One of the main problems identified by officials for the City of Philadelphia has been the fact applicants from African American and Hispanic communities were offered loans at a higher interest rate than those applying with similar credit scores from white communities.The problems were not limited to taking on an initial loan, but also saw those from minority groups refused refinancing options from Wells Fargo; with the statistics provided by the City of Philadelphia seeming to show these accusations to be correct the onus will be placed on Wells Fargo to prove they were not acting in an unfair way, which they have yet to address in any submitted written response to the court.
Karl Heideck has been gaining a consistently growing number of followers in recent years for his writing that is often based around his blog addressing financial and legal issues; Heideck is a respected attorney in the Philadelphia area and is based in the Jenkintown region of Pennsylvania.After achieving a Bachelor of the Arts degree from Swarthmore College, Karl Heideck went on to achieve a Juris Doctor in 2009 at Temple University’s Beasley School of Law. The main areas of interest for Karl Heideck have expanded in recent years to include product liability and commercial litigation that form the basis of his practice at the Grant & Eisenhower law firm.
Source of the article : http://www.martindale.com/Karl-Heideck/168775858-lawyer.htm