Bank of America and the National Fair Housing Alliance Reach Settlement Agreement in Mortgage Loan Case

May 19, 2017
Contact:  Jessica Aiwuyor, 202‐898‐1661, jaiwuyor@nationalfairhousing.org

 

Bank of America and the National Fair Housing Alliance Reach Settlement Agreement in Mortgage Loan Case

WASHINGTON, DC – Bank of America and the National Fair Housing Alliance (“NFHA”) announced today an agreement to support homeownership in Charleston, South Carolina. Under the terms of the agreement, Bank of America will invest in efforts designed to increase Latino homeownership in Charleston, including $50,000 donations to Metanoia and Origin SC, two Charleston-area organizations. The $100,000 will be used for down payment and closing cost assistance for Latino homebuyers in the Charleston area. Bank of America will also give NFHA $336,380 in support of NFHA’s mission of ensuring equal housing opportunity. In addition, Bank of America is committed to continuing its community partnerships with organizations focused on promoting homebuyer education and counseling and financial literacy to all prospective homebuyers in the Charleston area.

The agreement is related to a complaint filed by NFHA in 2014 with the U.S. Department of Housing and Urban Development. The complaint arose from three preapplication mortgage loan tests performed by NFHA at a Charleston, South Carolina financial center. Bank of America rejects all of the allegations in the complaint and voluntarily entered into an agreement with NFHA to resolve the matter.

About the National Fair Housing Alliance

Founded in 1988, NFHA is a consortium of more than 220 private, nonprofit fair housing organizations, state and local civil rights agencies, and individuals from throughout the United States. Headquartered in Washington, D.C., NFHA works to eliminate housing discrimination and ensure equal housing opportunity for all people through leadership, education, outreach, membership services, public policy initiatives, community development, advocacy, and enforcement.

 

 

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