Housing groups say Deutsche Bank neglected its vacant homes in black, Hispanic areas : autotldr

Housing groups say Deutsche Bank neglected its vacant homes in black, Hispanic areas : autotldr

This is the best tl;dr I could make, original reduced by 70%. (I’m a bot)


According to Miami-Dade public records, Deutsche Bank and Ocwen Financial acquired the home in foreclosure for $232,800 in Feb. 2017.

“A lot of the former owners of these homes were victims of predatory lending,” said Shanna Smith, president and CEO of NFHA. “People were given loans with exploding ARMs, so after a year or two their payments doubled or tripled and they lost their homes. Other people had medical issues or divorces.”

“Altisource is a property preservation vendor operating on behalf of institutions that service mortgages and foreclosed homes. The NFHA assertions misrepresent both Altisource’s conduct and our role as a property preservation vendor. Altisource is committed to the principles of fair housing and neighborhood stabilization. We provide services according to client-approved policies and processes, applied without regard to the racial composition of a neighborhood and supported by industry best practices of quality assurance. We believe NFHA is acting irresponsibly and using misleading and inaccurate information.”

“What we really are focusing on here is simple maintenance. Because they haven’t been maintained, a lot of these properties end up as investor homes, which changes the demographics of a neighborhood. Your interest rates are higher when you try to refinance your home. This hurts the tax base and the people living in these communities. You might lose your homeowner’s insurance because assessors see these properties and assess them as high risks. Your property appraisal is going to go down.”

Its detailed report found that 74.5 percent of the homes in neighborhoods of color had substantial amounts of trash on the premises; 55.3 percent of the homes had broken or boarded windows, and 40.4 percent of the homes had a damaged fence.

“A bank wants to turn a property as quickly as possible. In a lot of these cases, they’re going to go for the low-hanging fruit: Find those properties that will sell the quickest and easiest, and maintain those to get them sold. The houses in the good neighborhoods are going to get more attention because they have a greater likelihood of selling quickly.”


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