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Monday, June 10, 2013

Wells Fargo To Pay $38.5 Million In Response To Claims It Neglected Bank-Owned Homes In Minority Neighborhoods

Add another stack of zeros to the running total of mortgage-meltdown-related cash laid out by banks, as Wells Fargo has agreed to pay a total of $38.5 million to advocacy groups and regulators to resolve complaints that the bank neglected foreclosure properties in predominantly non-white areas.
The discrimination complaint, filed by the National Fair Housing Alliance with the Dept. of Housing and Urban Development, came on the heels of a 2012 NFHA study that claimed Wells Fargo and other large mortgage servicers were giving preferential treatment to bank-owned properties in areas with a higher concentration of white residents, while allowing homes in non-white neighborhoods to fall into disrepair.

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2 comments:

  1. AnonymousJune 10, 2013 at 1:28 PM

    for real?? they are forced to give mortgages to people who cant afford them and now because people cannot pay for them now they have to pay more in the name of racism. we are so far gone

    ReplyDelete
  2. AnonymousJune 10, 2013 at 1:46 PM

    128 why don't you actually look into the case a bit more before commenting. You might learn that among other illegal practices, they were charging black homebuyers with credit histories/income levels that were identical or even better than their white counterparts, higher interest rates based solely off of race. This in turn costs the buyers thousands of dollars.

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