From The Real Deal · TRD Staff · · 40s
HUD Targets Wells Fargo Over Race-Based Lending
HUD investigates Wells Fargo for race-based lending practices.
In brief
HUD investigates Wells Fargo for race-based lending practices. HUD accuses Wells Fargo of 'sorting' in home lending after finding Black applicants rejected more than white ones. Originally reported by The Real Deal.
HUD launches investigation
The Department of Housing and Urban Development launched an investigation into Wells Fargo for its decade-long programs aimed at boosting minority homeowners.
Wells Fargo's lending program
Wells Fargo committed $60 billion in loans to assist at least 250,000 black homeowners over a decade, expanding to home refinancings five years later.
HUD labels practices as 'sorting'
HUD secretary scott turner called wells fargo's practice of dividing americans based on race immoral, unethical and unamerican.
“the company's practice of dividing americans based on race is immoral, unethical and unamerican”
What matters most
HUD accuses Wells Fargo of 'sorting' in home lending after finding Black applicants rejected more than white ones.
