[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.
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