The Real Deal Miami

Wells Fargo settles housing discrimination suit

Banking giant pays $39 million settlement; West Palm Beach, Fort Lauderdale among cities to receive funds
June 07, 2013 10:00AM

Protesters outside Wells Fargo

Protesters outside Wells Fargo

Wells Fargo agreed to pay a $39 million settlement in a federal housing discrimination complaint, the Sun Sentinel reported.

The Department of Housing and Urban Development accused the bank giant of failing to maintain foreclosed homes in primarily black and Latino communities.

The bank will distribute $39 million West Palm Beach and Fort Lauderdale and about 45 other cities nationwide hurt by the housing downturn, the Sentinel said.

The National Fair Housing Alliance, which participated in the settlement, said it will manage the money with assistance from local nonprofits, providing down-payment grants to prospective homebuyers in targeted neighborhoods. [Sun Sentinel]Emily Schmall