10/30/2021
History Lesson:
When Martin Luther King was murdered, one of the most significant pieces of United States legislation was passed during the riots that followed his death.
While the Civil Rights Act of 1866 prohibited discrimination in housing, there were no federal enforcement provisions.
The 1968 act expanded on previous acts and prohibited discrimination concerning the sale, rental, and FINANCING💴 of housing based on race, religion, national origin, and since 1974, s*x.
However, many illegal practices still remain.
The largest offender being the practice of redlining.
In the United States, redlining is the systematic denial of various services to residents of specific, often racially associated, neighborhoods or communities, either explicitly or through the selective raising of prices. While the best known examples of redlining have involved denial of financial services such as banking or insurance, other services such as health care or even supermarkets have been denied to residents. In the case of retail businesses like supermarkets, purposely locating stores impractically far away from targeted residents results in a redlining effect.
In 2015, Wells Fargo was fined a quarter billion dollars in connection with problems in its home lending unit and violations of a 2018 consent order.
The Office of the Comptroller of the Currency also placed new restrictions on business practices in the scandal-plagued bank’s mortgage division. Wells, which has been operating under an asset cap for three and a half years, will now also be restricted from acquiring certain residential mortgage servicing rights, among other constraints.
Now, this fine will be sent back to the communities it harmed.
Call me today to find out how to take advantage of this program.
Don’t let Wells Fargo get away with this and help yourself into a home while you are at it 😀
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Realtor Drew
Exit 360 Home Advisor and New Agent Trainer
💻Realtordrew.com
📲8324572420
📧[email protected]
