Bank of America Accused of Bias in Managing Foreclosed Homes

Big bank is hit with discrimination complaint

From Reuters

The National Fair Housing Alliance and its member organizations have filed a discrimination complaint against Bank of America with the U.S. Department of Housing and Urban Planning. The collective has accused Bank of America of mismanaging and servicing properties in eight U.S. cities owned by the bank, citing problems such as broken windows, overgrown lawns, trash accumulation and a lack of “for sale” signs.

The complaint accuses Bank of America of not marketing and maintaining bank-owned properties in predominantly black and Latino neighborhoods, and concentrating most of its services to properties in white neighborhoods. The complaints come from an ongoing evaluation of how U.S. mortgage lenders maintain bank-owned properties. Bank of America, which is the second largest bank in assets, was reportedly notified about the said complaints but was met with no compliance, said the non-profit group.

Read more at Reuters.

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