Wells Fargo Reaches $39M Pact With HUD, Others, on Handling of Foreclosed Properties

Wells Fargo will commit $39 million and launch a series of efforts to help boost homeownership and property rehabilitation in 45 U.S. communities hard-hit by foreclosures under the terms of two agreements reached with the Department of Housing and Urban Development, the National Fair Housing Alliance, and 13 other housing groups.

The agreements resolve concerns raised by the NFHA and four member organizations in an April 2012 complaint filed with HUD that claimed Wells Fargo units violated the Fair Housing Act by subpar and discriminatory maintenance and marketing of foreclosed homes in minority neighborhoods across eight metropolitan areas (69 ...