twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/


BofA Accused of Discriminating Against REOs

Fair housing complaint filed with HUD

Sept. 25, 2012

By Mortgage Daily staff


A complaint filed against Bank of America Corp. accuses the banking behemoth of discrimination on its real-estate-owned assets.

The fair housing complaint, filed Tuesday with the Office of Fair Housing & Equal Opportunity at the Department of Housing and Urban Development, also names Bank of America, N.A., and BAC Home Loan Servicing LP.

The respondents allegedly violated the Fair Housing Act by taking better care of REOs in predominantly white neighborhoods than REOs in non-white neighborhoods.

Behind the complaint was the National Fair Housing Alliance and five of its operating members. The complainants have been investigating BofA's maintenance and marketing of REOs across the country since 2009. Around 375 properties in eight metropolitan areas were evaluated.

Three dozen objective factors were evaluated in the categories of curb appeal, structure, signage and occupancy, paint and siding, gutters, water damage and utilities. The observations allowed the complainants to document the type, number and severity of the maintenance and marketing problems or deficiencies at each property.

Comparisons were made between zip codes in white and non-white neighborhoods.

The complainants say that they observed that properties in non-white neighborhoods were marketed in materially worse condition than properties in white neighborhoods. Because of the disparate maintenance and marketing, there were far fewer REOs in white neighborhoods, according to the complaint.

"Bank of America has a systemic and particularized practice of engaging in differential treatment in maintaining and/or marketing its REO properties on the basis of race, color and/or national origin," the complaint states. "This practice has occurred at least since 2011 and continues to persist on a national basis and/or in any of eight metropolitan areas NFHA and its operating members investigated in 2011 and 2012 and described in this complaint."

A BofA spokesman didn't immediately respond to a request for a statement.


BofA profile

next story

back to current headlines


Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Predatory Lending News
FTC and HUD settlements. Class action lawsuits. Predatory lending prevention. Archives back to 2001.




Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.


Real Estate News | Real Estate Statistics
Residential real estate news and coverage of how residential real estate impacts the mortgage industry and residential mortgage-backed securities.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders