The Aporia
The Straits Times. (2026, October 8). Wells Fargo faces potential probe over black homeownership commitments: Report. The Straits Times. https://www.straitstimes.com/world/united-states/wells-fargo-faces-potential-probe-over-black-homeownership-commitments-report
The Straits Times. “Wells Fargo faces potential probe over black homeownership commitments: Report.” The Straits Times, 8 Oct. 2026, https://www.straitstimes.com/world/united-states/wells-fargo-faces-potential-probe-over-black-homeownership-commitments-report.
The Straits Times. “Wells Fargo faces potential probe over black homeownership commitments: Report.” The Straits Times, October 8, 2026. https://www.straitstimes.com/world/united-states/wells-fargo-faces-potential-probe-over-black-homeownership-commitments-report.
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Wells Fargo shares dropped after the Department of Housing and Urban Development (HUD) announced an investigation into the bank's mortgage programs aimed at boosting black and minority homeownership. HUD Secretary Scott Turner called the bank’s approach “immoral” and “un-American.” The probe stems from a 2017 commitment by Wells Fargo to lend $60 billion to add 250,000 African American homeowners by 2027 and a more recent $210 million initiative to narrow racial gaps in homeownership. HUD’s letter suggests an examination of whether the bank violated fair-lending laws by favoring black or other minority homeowners. The investigation marks part of ongoing efforts by federal officials to scrutinize diversity, equity, and inclusion (DEI) programs.