Speaking of Bank of America, it’s being sued by The National Fair Housing Alliance for alleged “significant racial disparities” in its maintenance of bank-owned homes in minority neighborhoods.
The Alliance said they looked at 373 pieces of property that are owned or managed by the bank, or are otherwise being serviced by it. The analysis, which spanned in eight cities, looked for things like broken windows and overgrown lawns. The group found a discrepancy in the level of upkeep in black and Latino neighborhoods when compared to foreclosed houses in white neighborhoods. It’s not just that the houses aren’t maintained. The lack of maintenance drives down the value of homes surrounding the vacant property, and leads to vagrancy and crime, writes Think Progress.
BofA is the second largest mortgage lender in the US and it has been on notice about its failure to look after these homes since 2009. Now it, along with US Bancorp, is facing a lawsuit filed with the U.S. Department of Housing and Urban Development.
Bank of America provides a list of homes that are real estate owned (REO) around the country. If you know of a bank-owned home that’s fallen into disrepair, we’ll suggest that you bring it to the attention of the Alliance. Here’s their website. Info about this lawsuit is on the homepage now.