National Fair Housing Alliance Accuses BofA of Bias in Managing Foreclosed Homes

Group accuses BofA of bias in managing foreclosed homes

(Reuters) – A nonprofit group on Tuesday accused Bank of America Corp of maintaining and marketing foreclosed homes in white neighborhoods much better than those it owns in African-American and Latino neighborhoods.

The National Fair Housing Alliance and its member organizations said they filed a discrimination complaint with the U.S. Department of Housing and Urban Development. It lodged similar complaints in April against Wells Fargo & Co and U.S. Bancorp.

The group reviewed 373 properties owned, managed or serviced by Bank of America in eight U.S. cities as part of its ongoing examination of how U.S. lenders maintain bank-owned properties. Investigators evaluated properties for problems such as broken windows, overgrown lawns, trash accumulation and a lack of “for sale” signs.

“We have found significant racial disparities,” Shanna Smith, chief executive officer of the National Fair Housing Alliance in a conference call with reporters.

Rest here…


4 Responses to “National Fair Housing Alliance Accuses BofA of Bias in Managing Foreclosed Homes”
  1. 1ofthemany says:

    Unclean hands all of them hope they get unclean pants if this goes where it should PUBLIC but then there is the election payoff so hummm, nasty nasty corp they are evils thieves preying on the very people that feed them and quite well I may add, I will be so glad when the table do actually turn on them and I feel it will if they do not continue to rob people with small insignificant pay off as you are now seeing in the mtg bu$ine$$ every where lately

  2. You got that right. The mtg broker we hired to “Help” us buy a home using my husbands Veteran Benefits, became the lender and assigned MERS the nominee of our sopposed loan. He then proceeded to take out almost $700,000 in three loans with three different banks, as well as our $37,000 down. We only discovered this by checking the credit report with Eperian, one of BOA’s buddies. So the First Mortgage Corporation started the whole scheme, which we only discovered the magnitude of the fraus purpotrated on us by the broker who did not do his “Fudiciary Duty” to cause no harm as well as the Atty. we hired to protect us from harm in a situation where it most certainly was theur “Fudiciary Duty” to protect us from harm. And we are the “Deadbeats”, but who are the criminals here and why are they allowed to continue to this day to do harm. Nobody would take my complaint, and the ones who spoke out were silenced. I can’t wait till Karma rolls back around to all who committed these frauds and those that aided and abetted them. I never believed that these case belonged in simple civil foreclosure court, it is now TRUST and Contract law. But nobody is talking about the victims, I hope they started a crime victim fund for the crime committed on the real homeowners and not the trustees of these fake pools which are peoples lives they are trading on Wall Street and laughing at us all the way to the bank.

  3. bobbi swann says:

    I find this particular statement from the article quite humorous: “U.S. Bancorp has said in the vast majority of cases where the bank is involved in a foreclosure it is the trustee for an investment pool of mortgages, not the servicer responsible for maintaining properties.” Why? Because the Trustee on behalf of the Trust who holds all these mortgages (and hopefully the original notes)(hahaha) is usually not even named in the foreclosure suit. Instead it is usually the ‘servicer’ who is the Plaintiff in most of these cases. Therefore, this statement is like the pot calling the kettle black.

Leave a Reply