https://www.nytimes.com/2017/05/01/us/politics/supreme-court-miami-banks-fair-housing.html
"...the vote on the question of whether Miami could sue under the law was 5 to 3, with Chief Justice John G. Roberts Jr. joining the court’s four-member liberal bloc to form a majority."
So the banks were being pressured by federal regulations into sub prime lending because not doing so would be racist, but doing so is racist so Miami is suing "on behalf" of it's minority citizens. This doesn't have anything to do with Miami trying to avoid bankruptcy... I'm sure Detroit and other leftist cities are soon to follow.
Despite the banana republic shenanigans, you don't have to feel bad for the banks. They'll just get the money to pay for these suits from your grandkid's tax potential.
"...the vote on the question of whether Miami could sue under the law was 5 to 3, with Chief Justice John G. Roberts Jr. joining the court’s four-member liberal bloc to form a majority."
So the banks were being pressured by federal regulations into sub prime lending because not doing so would be racist, but doing so is racist so Miami is suing "on behalf" of it's minority citizens. This doesn't have anything to do with Miami trying to avoid bankruptcy... I'm sure Detroit and other leftist cities are soon to follow.
Despite the banana republic shenanigans, you don't have to feel bad for the banks. They'll just get the money to pay for these suits from your grandkid's tax potential.