Published: Tuesday 17 April 2012
“Numerous studies have shown that lenders targeted minorities for the riskiest loans, and often charged them more than similarly qualified white borrowers.”

Wells Fargo and U.S. Bank have let foreclosed homes in black and Latino neighborhoods lapse into disrepair, while bank-owned homes in mainly white neighborhoods are better cared-for, according to housing advocates.

The National Fair Housing Alliance, a non-profit group, brought a formal complaint to the Department of Housing and Urban Development last week alleging that Wells Fargo violated the Fair Housing Act by failing to keep up homes in minority neighborhoods. Today, the group announced they are also filing a second complaint, against U.S. Bank.

Earlier this month, the group released a survey, which was funded in part by HUD, of more than 1,000 unoccupied, foreclosed homes across the country owned by unspecified banks. When a house is foreclosed upon, the bank that takes it over is responsible for maintaining it. The report cites evidence — photos and interviews with neighbors — showing houses becoming dilapidated under banks' watch.

The complaint against Wells Fargo claims that among more than 200 homes surveyed, those in black and Latino neighborhoods were much more likely to have yards filled with trash, broken doors, damaged windows, and other signs of neglect. Fewer homes in those neighborhoods had "for sale" signs visible. For example, 68 out of 149 homes in black and Latino neighborhoods had damaged roofs, compared to only nine out of 69 properties in white neighborhoods.

The study looked at homes owned by Wells Fargo in Washington D.C., Baltimore, Philadelphia, Dallas, Miami, ...

Published: Friday 20 January 2012
“Newly-appointed bureau head Richard Cordray intends to research the industry and its enforcement actions that pose ‘immediate risk to consumers and are clearly illegal.’”

As a growing number of Americans slip out of the middle-class into economic insecurity, they are increasingly vulnerable to predatory lending schemes like the payday loan. Each year, about 12 million Americans incur long-term debt by taking out a short-term loan that’s intended to cover a borrowers’ expenses until they receive their next paycheck. Payday lending takes “unfair advantage of lower-income borrowers,” with most taking out nine repeat loans per year with an interest rate as high as 400 percent. Forty-four percent of borrowers ...

Syndicate content
Make your voice heard.
Write for NationofChange
Part I - The Perennial Question If you are over fifty and were raised in a Jewish household, you...
CSR, ESG, sustainability – the buzzwords and acronyms which surround the subject of Corporate...
After flying from San Diego to Texas, a group of Central American immigrant families were met with...
Across the political spectrum, there is outcry against drones. In Kansas, libertarians, peace...
Why are we shocked by the emergence of the Islamic State in Iraq and the Levantine (ISIL)? Why have...
Living here in Florida during these, the dog days of summer, invites memories of some 50 years ago…...
Oncology nurses provide support and care for patients and their families when they're facing a...
It is common knowledge that you cannot rely on the government to feed you – after all, you do not...
1. What would Olivia Pope advise me to do in this situation? 2. Francis J. Underwood murdered two...
It is very hard to comment and talk about Robin Williams’ death. It is a tragedy that practically...
Part I - The Liberal Ideal Liberalism, framed as a socio-political ideal, argues that human...
Recently, President Obama declared that “we tortured some folks” admitting that the CIA engaged in...
For that minority of us who reject both this Military Industrial Empire and its Two Party ‘One...
As my heart bleeds for those of you suffering in Gaza and elsewhere in Palestine, I want to add my...
The general presumption is that skin cancer is more prevalent in people with lighter skin color....