We live in a day and age where the corporations own most of the politicians elected to represent the people. And the banks are running rampant with unchecked corruption. We all watched with glee as Senator Elizabeth Warren publicly obliterated former Wells Fargo CEO, John Stumpf.Now Wells Fargo is being sued by Philadelphia for predatory lending practices. Thankfully we have Karl Heideck, a Philadelphia-based lawyer willing to deliver us the facts.
Karl Heideck Goes to Work on Wells Fargo’s Corruption
In an article posted on his Blog, Karl Heideck breaks down all the legal jargon so the non-lawyers can get a clear look at the full picture of Wells Fargo’s limitless corruption. Here are some highlights from the article.
What is “redlining”?
Karl Heideck wrote “This is a practice that dates back to the 1930s in which banks draw red lines around neighborhoods that they don’t want to extend loans to people who live in them. When this practice is done because of borrowers’ ethnicity or race, it is constitutionally prohibited.” Karl Heideck delivers a precise un-sugar coated answer.
What else is Wells Fargo accused of?
From 2004-2014 Wells Fargo is alleged to have steered black and Hispanic borrowers into riskier loans with higher interest rates. Even though on paper these people were financially situated no different than a white applicant. 2010 Census data states that Philadelphia is 55 percent black and Hispanic. This is the same type of behavior by banks that crashed the economy to which taxpayers then had to bail them out. I would encourage you to check out the full article by Karl Heideck yourself.
Who is Karl Heideck?
Karl Heideck works out of Philadelphia and specializes in civil litigation, compliance and risk management. Karl Heideck graduated from Swarthmore College in 2003 and James E. Beasly School of Law at Temple University in 2009.Karl Heideck also has a burning passion for writing and operates his own blog and frequently posts articles across the internet explaining legal issues and political events to the public. Karl Heideck is currently working at the law firm Grant and Eisenhower.