Wells Fargo Pledges $60 Billion to Increase Black Homeownership

Wells Fargo, Downtown, Washington, D.C. (Freddie Allen/AMG/NNPA)

Wells Fargo & Company has set aside a staggering $60 billion to lend to at least 250,000 black homeowners by the year 2027.

Metropolitan Atlanta’s second-largest bank also pledged to increase the diversity of its home lending sales team and spend another $15 million to give financial education and counseling over the next 10 years.

The announcement came at a Tuesday press conference in Atlanta that was attended by representatives from several organizations including the National Urban League, the NAACP and the National Newspaper Publishers Association – an organization comprised of 211 African-American-owned newspapers and media companies.

“The National Newspaper Publishers Association enthusiastically salutes Wells Fargo Home Mortgage Division for taking steps forward to promote and to advance African-American homeownership,” said NNPA President and CEO Dr. Benjamin F. Chavis, Jr. “As we conclude celebrating 2017 Black History Month, it is aspirational for Wells Fargo to offer $60 billion in loan accessibility specifically for African-Americans who want to purchase and own a home.”

Chavis continued: “This is unprecedented in the mortgage lending space in the United States. Millions of African-American families will now be able to strive more effectively to own a home. This is also about economic justice.”

Chavis said that the NNPA intends to work directly with Wells Fargo to raise public awareness about this new initiative to substantially assist African-Americans to be homeowners across America.”

The banking giant’s commitment was hailed as a direct action to help address the lower homeownership rates in the Black community and it follows Wells Fargo’s announcement to address Hispanic homeownership rates in 2015.

Further, officials said the company’s commitment seeks to increase the diversity of the Wells Fargo Home Lending sales team, and support the effort with $15 million to support a variety of initiatives that promote financial education and counseling over the next ten years.

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Source: LA Sentinel |  Stacy M. Brown