ILNews

Indy organization part of first-ever settlement involving REO properties

Back to TopCommentsE-mailPrintBookmark and Share

The Fair Housing Center of Central Indiana is one of 13 fair-housing organizations that will split a $27 million settlement from Wells Fargo Bank with the National Fair Housing Alliance after a complaint alleged the bank better maintained its real estate properties in white neighborhoods.

The federal-housing complaint was filed in April 2012 with the U.S. Department of Housing and Urban Development. It alleged that Wells Fargo did not maintain or market its REO properties in African-American and Latino neighborhoods as well as those properties found in white neighborhoods.

REO properties have gone through foreclosure and are now owned by banks, investors, Fannie Mae, Freddie Mac, the Federal Housing Administrator or Veterans Affairs.

The $27 million will assist the NFHA and the fair-housing organizations in promoting home ownership, neighborhood stabilization, property rehabilitation and development in communities of color in 19 cities, according to a release from the NFHA. Under the agreement, Wells Fargo will make it easier to obtain information about REO properties, will implement best practices for the maintenance and marketing of its REO properties, and will develop a fair-housing training program on REO issues for its employees and agents who sell Wells Fargo REO properties.

“Indianapolis has been nicknamed one of the emptiest cities in America due to the number of vacant houses post foreclosure crisis,” said Amy Nelson, executive director of the Fair Housing Center of Central Indiana. “These funds will provide a welcome boost to rehab vacant homes in need in our hardest hit neighborhoods of color and stop any further deterioration into required demolition and loss of housing stock.”

Wells Fargo will end up paying out more than $42 million dollars: An additional $11.5 million will go to support neighborhoods in 25 other cities; $3 million to the NFHA and the 13 fair-housing organizations involved in the complaint for cost and damages; and $550,000 for conferences and seminars.

There are two similar housing-discrimination complaints pending against US Bank and Bank of America that were also filed last year.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in Indiana Lawyer editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Indiana State Bar Association

Indianapolis Bar Association

Evansville Bar Association

Allen County Bar Association

Indiana Lawyer on Facebook

facebook
ADVERTISEMENT
Subscribe to Indiana Lawyer
  1. Future generations will be amazed that we prosecuted people for possessing a harmless plant. The New York Times came out in favor of legalization in Saturday's edition of the newspaper.

  2. Well, maybe it's because they are unelected, and, they have a tendency to strike down laws by elected officials from all over the country. When you have been taught that "Democracy" is something almost sacred, then, you will have a tendency to frown on such imperious conduct. Lawyers get acculturated in law school into thinking that this is the very essence of high minded government, but to people who are more heavily than King George ever did, they may not like it. Thanks for the information.

  3. I pd for a bankruptcy years ago with Mr Stiles and just this week received a garnishment from my pay! He never filed it even though he told me he would! Don't let this guy practice law ever again!!!

  4. Excellent initiative on the part of the AG. Thankfully someone takes action against predators taking advantage of people who have already been through the wringer. Well done!

  5. Conour will never turn these funds over to his defrauded clients. He tearfully told the court, and his daughters dutifully pledged in interviews, that his first priority is to repay every dime of the money he stole from his clients. Judge Young bought it, much to the chagrin of Conour’s victims. Why would Conour need the $2,262 anyway? Taxpayers are now supporting him, paying for his housing, utilities, food, healthcare, and clothing. If Conour puts the money anywhere but in the restitution fund, he’s proved, once again, what a con artist he continues to be and that he has never had any intention of repaying his clients. Judge Young will be proven wrong... again; Conour has no remorse and the Judge is one of the many conned.

ADVERTISEMENT