Wells Fargo pledges $60 billion to increase African American homeownership

by Anna Sobrevinas07 Mar 2017
Wells Fargo has announced that it will commit $60 billion to increase African American home ownership, according to a news release.

In 2015, the company made a $125-billion lending commitment to support Hispanic homeownership. The goal this time is to support at least 250,000 African American homeowners by 2027, according to the release.

“Wells Fargo’s $60-billion lending goal can contribute to economic growth by making responsible homeownership possible for more African Americans in communities across the country,” said Brad Blackwell, executive vice president and head of housing policy and homeownership growth strategies for Wells Fargo. “We are proud to be the first mortgage lender to make a public commitment to help increase African American homeownership. And we are grateful for the support of key housing and civil rights organizations, who work alongside us to increase economic prosperity in our communities.”

Working with the bank is the National Association of Real Estate Brokers, along with the NAACP and the Urban League.

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