Karl Heideck Gives Take On Wells Fargo Lawsuit

Karl Heideck Gives Take On Wells Fargo Lawsuit
Karl Heideck Gives Take On Wells Fargo Lawsuit

Most people will need to hire quality legal help at least a few times in their lives. Whether it is for a criminal or civil issue, having an experienced attorney will be very helpful.

One of the top attorneys in the Philadelphia, PA area today is Karl Heideck. Karl Heideck is an attorney that specializes in providing compliance and risk management review services to a range of financial institutions. In more severe situations, he is also involved in litigation while trying to defend his clients.

Karl Heideck is currently an attorney working for Pepper Hamilton LLP. He has been a member of the Pennsylvania Bar for over 8 years, and is continued to be interviewed for his take on a range of topics related to his field. Karl Heideck recently gave some insight into a lawsuit between Wells Fargo and the City of Philadelphia.

The lawsuit alleged that Wells Fargo violated a few different parts of the Fair Housing Act of 1968. The parts that they violated in particular had to do with unfair lending practices. The City of Philadelphia alleged that the bank had been using predatory lending efforts, which were specifically geared to originating loans that they knew the borrowers would not be able to repay.

Another part of the lawsuit alleged that the bank used the process of Redlining when going through the loan documentation. Redlining is effectively a process to streamline the application and approval process. This basically means that when a loan application and loan documents came through, the bank did not spend any time actually reviewing the documentation. Instead, they signed and stamped as much information as quickly as they could in an effort to increase the level of volume that they could produce. This then led to a higher rate of subprime loans being given out.

This was also just the latest scandal that Wells Fargo has had to deal with. The company previously went through a major scandal in which it allegedly opened thousands of fake customer bank and credit accounts in an effort to make it appear that the company was growing.

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