Wells Fargo has announced a $60 billion lending commitment, to create at least 250,000 new African American homeowners, in an effort to address the lower homeownership rates in the black community. The banking and financial services holding company seeks to lend $60 billion to qualified African American consumers for home purchases by 2027, as well as to increase the diversity of the Wells Fargo Home Lending sales team, with $15 million to support a variety of initiatives that promote financial education and counseling over the next ten years.
According to the U.S. Census Bureau, by the year 2024, 75% of the expected 14 million new households (renters and owners) in the U.S. will be diverse. African Americans are projected to represent 17%, or the third largest segment, of the new households. More…