Wells Fargo Reaches $39 Million Settlement Deal

Wells Fargo has chosen to settle an allegation served up by the U.S. Department of Housing and Urban Development, or HUD, and fair housing groups that states that the bank failed to maintain or market its bank-owned properties in Hispanic and African-American neighborhoods.

Although Wells Fargo did not admit wrongdoing, it agreed to invest $39 million in 45 communities throughout the nation for programs that promote homeownership, local stabilization, housing development and property rehabilitation. Six Florida cities, including West Palm Beach and Miami will share in a portion of the settlement.

HUD alleged that Wells Fargo let homes in minority communities fail into disrepair and the homes were not advertised as “for sale.” Wells Fargo agreed to redirect its efforts and help communities get back on their feet.