# HUD Investigates Wells Fargo Over $60 Billion Black Homeownership Plan

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/28630
Published: 2026-10-09T00:59:29.000Z
Updated: 2026-10-09T00:59:29.000Z
Section: Regulation

> The probe examines whether race-focused mortgage initiatives violated federal fair-housing laws. Wells Fargo committed to provide financing for 250,000 additional Black homeowners by 2027.

The U.S. Department of Housing and Urban Development is investigating Wells Fargo’s programs aimed at increasing homeownership among Black Americans, examining whether the initiatives treated borrowers differently based on race and potentially violated federal fair-housing laws.

Wells Fargo committed in 2017 to provide $60 billion in mortgage financing over 10 years to help 250,000 additional Black Americans purchase homes by 2027. By the end of 2023, the bank had delivered roughly 40% of that commitment.

The investigation also covers a later Wells Fargo initiative that offered refinancing assistance for minority households. The program reached about 5,100 borrowers and reduced their monthly payments by an average of $100.

HUD is reviewing whether race-focused lending programs provided advantages to certain borrowers because of their racial backgrounds. The agency is examining similar initiatives at other banks as the Trump administration increases scrutiny of corporate policies that make distinctions based on race.

HUD Secretary Scott Turner said the programs raise concerns even if they did not violate federal law.

“Even if Wells Fargo did not violate the law, its practice of dividing Americans based on race is immoral, unethical and un-American,” Turner said.

Wells Fargo has since largely stopped publicly promoting the homeownership initiatives. The HUD investigation remains focused on whether the programs complied with federal fair-housing requirements.