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April 11, 2012

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Comments

Matthew Huisman

Hi Jaconda,

I think the purpose of the litigation is to force banks like Wells Fargo to change the alleged practices of allowing bank-owned properties in minority neighborhoods to fall into disrepair. By holding a financial institution accountable for its alleged actions, the hope is that it will prevent the decline in value of property and the decay of social wealth.

-Matthew Huisman, Legal Times

Jaconda Wagner

This is interesting for a few reasons. First, Hispanics are now classified as white by the US Census Bureau, so it's not clear how Hispanics are still considered "people of color." Second, the use of "minority" is misleading as the majority of the world's population is "people of color." Most significantly,abandoned and foreclosed properties become dilapidated. These dilapidated properties lower the property values for remaining home owners, which impacts tax revenues, and therefore services and thus creates a cycle that ultimately robs the residents of their over-all wealth, but more importantly safety and well-being. How will these lawsuits remedy these issues?

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