Wells Fargo commits $60 billion to increase African American homeownership

Wells Fargo announced a $60 billion lending commitment to create at least 250,000 African American homeowners by 2027, directly addressing the lower homeownership rates in the African American community. While Wells Fargo’s lending commitment is spread out over ten years, according to a recent interview with Raphael Bostic, a professor at the Sol Price School of Public Policy at the University of Southern California, America is projected to become drastically more diverse over the next several decades.  

“The Census Bureau has a projection that America will be 100 million people more in the next 45 years,” said Bostic. “And if you break down where the growth is coming, it’s coming with African American families, it’s coming with Asian families, and it’s coming with Latino families. What we will have at the end of that period is the most diverse country that we’ve ever seen. It really won’t make sense to talk about minorities since there will be pluralities of everyone.”

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