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Economy & Business
Fri June 7, 2013
Court Settlement Will Impact Local Housing Stabilization Efforts
Wells Fargo will contribute $27 million to housing stabilization efforts in 13 cities including Milwaukee as part of a housing discrimination settlement.
Wells Fargo was accused of taking better care of its bank owned properties located in white neighborhoods than in communities with mostly minority residents. The Metropolitan Milwaukee Fair Housing Council is among the groups that will benefit from the multi-million dollar agreement. Wells Fargo will help pay for efforts to promote home ownership and property rehabilitation in minority areas. The bank will also cover costs associated with the maintenance and marketing of what are called Real Estate Owner properties. In a release, local fair housing President William Tisdale says, "repairing damage to neighborhoods will be a long process." The foreclosure crisis resulted in the abandonment of many homes that quickly fell into disrepair. In addition to Milwaukee, the Wells Fargo settlement affects other metro areas including Grand Rapids, Michigan, Oakland, California and Dallas, Texas.