HUD confirms probe into Wells Fargo over fair-lending violations in Black homeownership push

The Department of Housing and Urban Development confirmed it is investigating whether Wells Fargo violated federal fair-lending laws by offering mortgage programs aimed at boosting Black homeownership. HUD sent CEO Charlie Scharf a letter over the bank's 2017 pledge of $60 billion in loans to add 250,000 Black homeowners by 2027. Wells Fargo shares fell nearly 2% on the initial report.

Detected & updated continuously · Source: Nebula