Wells Fargo forced back to court for targeting practices in rare individual homeowner's predatory lending case

WASHINGTON, Dec. 7, 2015 /PRNewswire/ -- The following is being released by Bond Law, PLLC:

On December 10, 2015 Wells Fargo will return to DC Superior Court in order to face Dennis Comer's predatory lending lawsuit. Mr. Comer, an African-American army veteran, initially filed his predatory lending claims against the bank in 2010 after Wells Fargo steered him into a high-priced, subprime loan. Wells Fargo later foreclosed on the property. Wells Fargo won a motion to dismiss Comer's claims in 2013. After a victory in the DC Court of Appeals on January 29, 2015, Mr. Comer's predatory lending case against the lending giant will finally proceed to discovery. Mr. Comer's case is one of only a few claims filed by an individual homeowner that has survived against the giant bank.

The bank has faced and settled numerous predatory lending cases filed by American cities and the federal government. For instance, in May 2012, Wells Fargo promised $432.5 million in new loans and financial assistance to settle a lawsuit filed by the city of Memphis claiming the bank targeted minorities for predatory lending. Again, in July 2012 Wells Fargo agreed to pay $175 million in a multi-state settlement with the U.S. Department of Justice in response to issues of discrimination related to the bank's subprime mortgages. The discrimination issues were first raised in a federal lawsuit filed by Baltimore City. Baltimore City alleged Wells Fargo steered minorities into subprime loans, gave them less favorable rates than white borrowers and foreclosed on hundreds of Baltimore homes, creating blight and higher public safety costs.

Mr. Comer's case is unique as an individual borrower's lawsuit against the lending giant. The large settlements made by Wells Fargo were in cases filed by municipalities and the federal government. "At long last, Wells Fargo is made to answer to the little guy," said Attorney Johnnie Bond.  "I am certain this is the only individual borrower's predatory lending case in the entire nation that has survived against Wells Fargo," Attorney Bond continued.

After years of litigation, Wells Fargo finally has to face the music. On December 10, 2015, Wells Fargo and Mr. Comer will appear before the DC Superior Court to commence discovery. "We look forward to getting through discovery and going to trial in this case," said Attorney Johnnie Bond.

Contact Attorney Johnnie Bond, Bond Law, PLLC, 202-683-6803, [email protected]

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SOURCE Bond Law, PLLC

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