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The groups also said that 22.1% of the REO properties in communities of color had 10 or more deficiencies, while only 8% of the REO properties in predominantly White communities had 10 or more deficiencies.
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Among those deficiencies are broken, boarded or damaged windows and doors unlocked doors and windows damaged and obstructed gutters and downspouts safety hazards accumulated trash overgrown lawns and shrubs lack of “for sale” signs and others.Īccording to the result of the groups’ investigation, 49.5% of the foreclosed properties in White communities had fewer than 5 deficiencies, while only 24.4% of the foreclosed properties in communities of color had fewer than 5 deficiencies. The groups said that they investigated foreclosed properties for “deficiencies” that would affect the properties’ marketability and visual appeal.
#Fannie mae foreclosures for sale dyer indiana mac
“ Freddie Mac looked into its practices and made good faith efforts to correct its business model, but Fannie Mae refused to take responsibility for its neglect in communities of color,” Smith said. “The difference between Freddie and Fannie properties is striking. We now rarely find disparities in Freddie Mac’s inventory. Fannie has to take responsibility.” In the release, the NFHA said that since 2009 it made efforts to work with the GSEs to correct their property preservation practices. We remain dedicated to neighborhood stabilization efforts across the nation, including with respect to our maintenance of foreclosed properties." “We are confident that our standards ensure that properties in all neighborhoods are treated equally, and we perform rigorous quality control to make sure that is the case. "We strongly disagree with these allegations and firmly believe they have no merit,” Fannie Mae said in a statement to HousingWire. When contacted about the allegations, Fannie Mae said that it believes the charges are without merit.
#Fannie mae foreclosures for sale dyer indiana full
The complaintant groups (see below for full list) say they investigated 2,106 foreclosures owned by Fannie Mae in 34 metro areas that include 129 cities and found that properties in communities of color had broken doors and windows, unlocked doors and windows allowing access to the home, excessive litter, dead or overgrown lawns, dead animals or live animals on the property, and other major deficiencies. “This systematic failure also creates health and safety hazards, contributes to blight, and places an unfair burden on neighbors and city governments to clean up the problem.” “Fannie Mae’s failure to take care of its massive foreclosure inventory in African American and Latino neighborhoods further destabilizes the communities hardest hit by the foreclosure crisis, in clear contradiction of its congressional charter, federal fair housing laws, and its obligation to affirmatively further fair housing,” Smith continued. “Fannie Mae is wreaking havoc on middle- and working-class communities of color nationwide through a pattern of neglect that is frankly appalling,” said Shanna Smith, president and CEO of NFHA. In a release, the NFHA said that evidence gathered from 2010 through April 2015 shows an “ongoing pattern and practice of discrimination” by Fannie Mae and its asset management contractors. The NFHA said that the complaint is the result of a five-year investigation into the property preservation methods used by Fannie Mae. The groups filed a complaint with the Department of Housing and Urban Development, alleging that Fannie Mae’s neglect of foreclosures in minority neighborhoods in 34 metro areas is a violation of the federal Fair Housing Act. The National Fair Housing Alliance and 19 local fair housing organizations are accusing Fannie Mae of widespread racial discrimination, claiming that the GSE maintains and markets its foreclosures in white neighborhoods “consistently better” than in middle- and working-class African American and Latino neighborhoods.
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