Philadelphia Sues Wells Fargo And Karl Heideck Offers Strong Insight

Wells Fargo was founded by two men called William Fargo and Henry Wells. It is a banking institution that provides mortgage services, investment, consumer as well as commercial financial services. According to news reports aired on May 2017, Wells Fargo was being sued by Philadelphia in a case that titled predatory lending. According to the Fair Housing Act Section 1968, this is a violation. The lawsuit arrived two weeks into the court ruling that subjects banks to the hands of cities.

Lawsuit

In the lawsuit, Philadelphia states that Wells Fargo intentionally pitched loans that are high risk to a client base of Latino borrowers. This was done through their credits. Consequently, they were better placed to apply for other loans. According to the lawsuit, Wells Fargo was well aware of the happenings. Also, the management played a key role in encouraging employees to be part of the procession.

Karl Heideck

According to Karl Heideck, Wells Fargo is redlining. In other words, the company is practicing what was prominently practiced in 1930,s where banks highly participated in drawing red lines against neighborhoods or localities that should not borrow money from them. Karl explains that when redlining occurs, different ethnicities and races are left out of the borrowing process. This is constitutionally wrong because of the existence of human rights. With Wells Fargo having denied clients the benefits of enjoying low-interest loans because of their ethnicity and surrounding, they were bound to face the law. Redlining is illegal.

Becoming a Successful Lawyer

Karl Heideck is a successful lawyer who can be looked up to. He advises prospects to concentrate on checking their bar requirements in the state they are planning to practice law. This is because the bar exams determine the eventuality of becoming a lawyer in any country. Karl also says that a candidate must pass the Examination of Multistate Professional Responsibility. Karl also advises students to treasure the connections they make in law school because they will be useful in future.

Conclusion

Karl Heideck is a renowned attorney who specializes in risk management. The alumnus of Swarthmore College and Temple University Beasley Law School is a master in literature and English. With ten years experience, he is equipped with strong research skills.