Page 11 - Purpose Credit Program News Today

Wells Fargo announces initiative to advance racial equity in homeownership. The company will create a Special Purpose Credit Program to refinance mortgages.

Wells Fargo, the nation’s third largest bank, announced Wednesday it’s committing more than $200 million to improve minority homeownership through two programs but details of both programs are unknown.

Wells Fargo said it would commit $210 million to advance racial equity in homeownership in the U.S., following a Bloomberg investigation that found the bank approved fewer than half of Black applicants for a home refinancing in 2020.

Yesterday, eight federal agencies joined together to issue an “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B”...

The Federal Reserve approved Old National Bank Corp.’s (NASDAQ: ONB) acquisition of First Midwest Bancorp (NASDAQ: FMBI) last week, despite redlining allegations that Old National settled in December.  Old National Bank Corp. Alleged Redlining & Settlement

After allegations emerged that Old National Bank (ONB) has been redlining Black residents in Indianapolis, the 187-year-old bank agrees to an eight-digit

The bank plans to open two new branch offices and originate at least $20 million in mortgage loans in majority-Black neighborhoods.

Over 13 million potential first-time homebuyers were priced out this year, putting homeownership out of reach for low-income households in most of the largest U.S. cities.