A Baltimore woman who defaulted on a subprime loan has been awarded $1.25 million in damages from her lender, Wells Fargo Bank N.A. The case may lead to similar lawsuits nationwide, and also may help Baltimore’s suit against the bank, claiming it targeted minority neighborhoods with subprime loans. Kimberly L. Thomas was awarded $250,000 in damages and $1 million in punitive damages in Montgomery County Circuit Court. A jury found Wells Fargo guilty of fraud, negligence and other charges for inflating Ms. Thomas’ income and assets on her mortgage application, and locking her into a bigger loan than she had applied for — one she couldn’t afford.
Source: Baltimore Business Journal
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