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Wells Fargo commits $210M to racial equity in wake of criticism

Top depositary mortgage lender Wells Fargo & Co. announced this week that it has committed $210 million to advance racial equity in homeownership in the United States, following a Bloomberg investigation that found the bank approved fewer than half of Black applicants for a home refinancing in 2020.

Kristy Fercho, CEO of Wells Fargo Home Lending, said in a statement that the initiative will help close the homeownership created by decades of systemic inequities, and the bank is “taking meaningful action by reimagining the homeownership journey.”

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