Wells Fargo to Revise REO Maintenance Guidelines, Pay Millions to Hard-Hit Neighborhoods

Although there was norninformation as to precisely what precipitated it, Wells Fargo Bank,rnN.A. has agreed to invest $39 million dollars to help improve housingrnin 45 communities across the country. The agreement betweenrnthe Bank and the National Fair Housing Alliance (NFHA), 13 privaternfair housing organizations and the Department of Housing and UrbanrnDevelopment (HUD) was announced by HUD today. The announcement saidrnthe money is designed to help improve housing in minorityrnneighborhoods that have been hard hit by the foreclosure crisis thrurnprograms to support home ownership, neighborhood stabilization,rnproperty rehabilitation, and housing development.</p

Wells Fargo has also agreedrnto extend the amount of time that individual foreclosed propertiesrn(REO) are available for sale to owner-occupant or non-profitrnorganizations before being offered to investors and has committed tornimprovements in its best practices regarding maintaining andrnmarketing its REO. This includes use of a revised RealrnEstate Broker Procedure Manual and property inspection checklist, andrnan enhanced training program for real estate brokers and agents whornlist REO properties and bank staff responsible for managing thernproperties. </p

“NFHA is looking forward to working in partnershiprnwith Wells Fargo to make sure that all communities have a chance at arnfair recovery,” said Shanna L. Smith, President and CEO of thernNational Fair Housing Alliance.  “We are thrilled to see WellsrnFargo’s renewed efforts and leadership in this area. Manyrnneighborhoods all across the country have been seriously damaged byrnREO homes left unattended.  This partnership will help to getrnsome of those neighborhoods back on their feet.”</p

 “This represents a significant commitment byrnWells Fargo, HUD and NFHA to invest in programs that will strengthenrnminority communities affected by foreclosure,” said J.K. Huey,rnSenior Vice President at Wells Fargo.  “We appreciate thernperspectives and collaboration of NFHA and HUD, along with theirrnefforts to shape the initiatives resulting from this agreement.” rn

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