Better Access to Loans for Minorities

From: McFarlin & Geurts
Published: Fri May 28 2010

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 responsibilities 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.

Author Info:

Timothy G. McFarlin is an Attorney at McFarlin & Geurts with expertise in a variety of practice areas including real estate law, debt reorganization, bankruptcy, business litigation, and consumer law and mortgage litigation. Clients range from individual consumers to large national corporations.

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

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