Federal Housing Discrimination Complaint Filed against Wells Fargo (WFC)
The National Fair Housing Alliance has filed a federal housing discrimination complaint against Wells Fargo alleging that the bank is discriminating against homes in colored neighborhoods by maintaining them in a worse manner than in White neighborhoods.
New York, April 12 (SharewellNewswire.com) - A federal housing discrimination complaint has been filed against Wells Fargo (NYSE : WFC) by the National Fair Housing Alliance. It has been alleged that the bank is maintaining foreclosed homes in white neighborhoods in a much better way than it is doing in minority neighborhoods.
The conditions of foreclosed homes in nine regions were scored by the alliance and it was found that there were disparities on the basis of racial makeup of neighborhoods. No names were mentioned in the report, but Wells Fargo was singled out in this week’s complaint that was filed with the US Department of Housing and Urban Development.
The complaint of the alliance refers to data and pictures of 200 homes owned by Wells Fargo, which show that the bank had been consistently maintaining and marketing its REO properties in a state of disrepair in colored communities, whereas, it was maintaining its REO properties in a materially better condition in predominantly White communities.
A Wells Fargo spokesman has disputed these allegations saying that the company's maintenance and marketing is conducted "in a fair and consistent manner without regard to race." He said that the complaint does not give specific details of properties to enable them to investigate the circumstances in any of the markets listed by the alliance.