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Wells Fargo Settles Complaint on Unkempt Foreclosed Homes

(EstateNewsWire.com, June 10, 2013 ) Gold Canyon, AZ -- According to the National Fair Housing Alliance, Wells Fargo, which did not admit any wrongdoing, will provide $27 million to nonprofit groups to promote homeownership, neighborhood stabilization and property rehabilitation in minority communities in 19 metropolitan areas.

A year-long investigation by the NFHA, an advocacy group for homeownership, found that homes serviced by Wells Fargo in minority communities were far less likely to be kept up and maintained than those in white areas. Many of the houses in minority neighborhoods have broken windows, unkempt yards and/or water damage to the property, causing them to be an eyesore for communities. These home were also less likely to have for-sale signs than ones in predominantly white neighborhoods.

The agreement addresses one of the lingering scars of the housing crisis: As the number of foreclosed houses climbed in the aftermath of the housing crash in 2008, lenders scrambled to offload foreclosed properties, with many piling up in minority neighborhoods where there was a high concentration of subprime loans.

According to a consumer advocacy group, homeowners in the communities where houses are not being maintained have been eager to see these vacant properties sold, because over time, they can bring down property values and attract crime.

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