Wells Fargo hit with bias complaint
A group of U.S. non-profit housing advocates filed a bias complaint against Wells Fargo, accusing the nation’s largest mortgage lender of failing to maintain and market foreclosed properties in black and Hispanic neighborhoods.
The National Fair Housing Alliance filed the complaint with the U.S. Department of Housing and Urban Development. Bank-owned homes in white communities have been treated in a “far superior manner,” the complaint alleges. Those homes were 33% more likely to be marketed with a professional “For Sale” sign than homes in black or Hispanic communities, the group said.
Wells Fargo, which services one of every six U.S. home loans, said in a statement that it conducts lending practices fairly and without regard to race. Nationwide, about 2.7 million homeowners faced foreclosure last year.