Financialization of housing and the right to adequate housing 2017, para. 57
Paragraph- Paragraph text
- In some instances, courts have played an important role in holding financial institutions liable for predatory and discriminatory lending practices, albeit without reference to international human rights obligations. In a recent case, the Eleventh Circuit Court of Appeals in the United States ruled in favour of a lawsuit brought by the city of Miami against Bank of America and Wells Fargo for discriminatory predatory lending practices linked to the mortgage crisis. The Constitutional Court of South Africa recently considered a case involving a fraudulent scheme by investors and a finance company leading to hundreds of homeowners suffering losses of homes and savings. The Court rejected a claim by banks that would place responsibility on the homeowner for repayment of an unpaid debt due to the bank, holding that there is an obligation on the part of well-resourced powerful banking groups to check on the legality of what their clients are buying before lending money and earning interest on it.
- Legal status
- Non-negotiated soft law
- Body
- Special Rapporteur on adequate housing as a component of the right to an adequate standard of living
- Document type
- Special Procedures' report
- Means of adoption
- N.A.
- Topic(s)
- Governance & Rule of Law
- Year
- 2017
- Paragraph type
- Other
- Reference
- SR Housing, Report to the HRC (2017), A/HRC/34/51, para. 57.
- Paragraph number
- 57
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Date added
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