Wells Fargo rejected nearly half of their Black homeowners refinancing applications
In an effort to close the racial wealth gap, J.P. Morgan Chase, made a $30 billion racial equity commitment in October 2020, and has since invested $100 million into 14 Black, Hispanic, and Latino owned or led institutions and committed $350 million in donations to grow Black, Latino and women-owned small businesses. Bank of America tripled its affordable home ownership commitment to $15 billion through 2025 to assist low-wealth homebuyers and advance racial equality, in February 2021. They also raised their commitment from $1 billion to $1.25 billion over five years, to “support investments to address racial justice, advocacy and equality for people and communities of color, including those of Asian descent,” in Mar. 2021.
In Feb. of 2017, Wells Fargo announced a $60 billion lending commitment to create at least 250,000 Black homeowners by 2027. They are over one third of the way there, according to Turner. “Through the end of 2021, we have helped 81,756 African-American families become homeowners with $21.4 billion in financing since the commitment was announced in 2017,” Turner told Fortune. Wells Fargo also alleges that they are “pursuing $185 billion in diverse lending commitments,” which references their $60 billion African American lending commitment and their $125 billion Hispanic lending commitment, which was announced in 2015. This story was originally featured on Fortune.com