Bank of America Joins the Ranks of Top Lenders Accused of Bias in REO Management Practices
September 27, 2012
Bank of America and its home loan servicing unit were accused of maintaining and marketing foreclosed homes in white neighborhoods in a much better manner than in African-American and Latino neighborhoods, in a complaint filed this week by the National Fair Housing Alliance. The investigation of 373 foreclosed homes owned or managed by BofA found the company has engaged in a systemic practice of maintaining and marketing its foreclosed, bank-owned properties in a state of disrepair in communities of color while maintaining and marketing REO properties in predominantly white communities in a far superior manner, the NFHA said. The complaint was filed with the Department of Housing and Urban Development by the NFHA and five other groups. The housing advocacy groups reviewed...