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| Megabank Wells Fargo labeled 'shameful' and ‘un-American' in explosive federal probe over 'race-based' mortgages for black homebuyers in major Trump administration DEI crackdown |
| 2026-10-10 |
| [MAIL] Wells Fargo has found itself on the firing line after its efforts to help black Americans buy homes triggered a federal investigation — as Trump administration officials accusing the bank of dividing borrowers by race. The Department of Housing and Urban Development (HUD) is examining whether the bank broke fair-lending laws through initiatives designed to expand homeownership among Black and other minority borrowers. HUD Secretary Scott Turner unleashed an attack on the programs, declaring that race-based lending decisions were ’immoral, unethical and un-American’. The Department of Housing and Urban Development (HUD) is examining whether the bank broke fair-lending laws through initiatives designed to expand homeownership among Black and other minority borrowers. HUD Secretary Scott Turner unleashed an attack on the programs, declaring that race-based lending decisions were ’immoral, unethical and un-American’. ’Wells Fargo and all of its employees that engaged in race-based decision-making should be ashamed of themselves,’ Turner said in a statement. The probe, announced Wednesday, marks the latest escalation in President Donald Trump's administration's crackdown on diversity, equity and inclusion initiatives. The investigation centers on a series of initiatives Wells Fargo introduced over nearly a decade to address racial disparities in homeownership. In 2017, the bank pledged $60 billion in mortgage lending to help create at least 250,000 black homeowners by 2027. Five years later, it announced a further $210 million initiative aimed at expanding homeownership opportunities for minority families. |
| Posted by:Besoeker |
| #2 |
| Posted by: DarthVader 2026-10-10 13:50 |
| #1 |
| Posted by: Besoeker 2026-10-10 08:28 |