Karl Heideck is a skilled, experienced litigation attorney in Pennsylvania. He maintains his law firm in Philadelphia. Heideck has been practicing law for over a decade. With this in mind, Heideck recently provided his insights into a recently filed lawsuit. The lawsuit was filed by the city of Philadelphia against one of the nation’s largest banks, Wells Fargo.
The lawsuit alleges that Wells Fargo is engaging in a practice that historically was called red-lining. Specifically, according to the city of Philadelphia, Wells Fargo has made it a practice to direct a notable number of minority home loan applicants into riskier, high-interest loans. This is being done even though these bank customers are otherwise credit-qualified for lower-interest and associated lower-risk mortgages.
According to attorney Heideck, redlining began in the 1930s. The practice of redlining at that time involved the practice of a bank in drawing a red line around certain neighborhoods. The bank would not lend money to people purchasing homes in those neighborhoods. Invariably, these were neighborhoods with large populations of minorities, more often than not African Americans.
The current lawsuit is only the latest development in a growing line of negative situations associated with Wells Fargo. The bank has yet to rebound from last year’s scandal in which bank employees set up a huge number of fake bank accounts, using real information from customers. The employees did this so that it would appear that they had satisfied their sales goals.
Heideck is a graduate of the highly-respected Temple University School of Law. Before attending school at Temple Law School, Heideck obtained an undergraduate degree in English language and literature from Swarthmore College.
In addition to being a respected litigation lawyer, Karl Heideck also represents clients in regard to products liability, employment, business, regulatory compliance, and risk management issues. He also is known for his strong background in legal research and writing, highly important to an attorney.