Better Access to Loans for Minorities

April 13, 2010 - PRLog -- Wells Fargo bank has entered into an agreement with the civil rights organization The National Association for the Advancement of Colored People (NAACP) to ensure that minorities have the best access to the best loans possible that are not destined for foreclosure.  The agreement comes as the NAACP drops a law suit claiming unfair loan practices against the bank.  Wells Fargo has not admitted to any wrong doing but agrees that responsible lending in minority communities is a goal they share with the NAACP.  Part of the program will include financial education for minorities.

Timothy McFarlin, a real estate, foreclosure, and bankruptcy attorney with Irvine, CA based law firm McFarlin & Geurts agrees that these programs will do good to ensure that low income families in minority neighborhoods to have the best chance at realizing their dream of home ownership as possible.  When banks take the time to make sure that all loan applicants are treated fairly and to educate potential loan applicants on their responsibilitiies and the responsibilities of the bank, they increase the odds that a borrower will be able to make their monthly payments and keep their home.  In a time when so many homeowners are facing financial uncertainty, a little effort by the banks to improve lending practices and educate consumers will be sure to go a long way in repairing our suffering financial system.  

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