Bank Aims to Boost Hispanic Home Ownership
Bank Aims to Boost Hispanic Home Ownership
Bank Aims to Boost Hispanic Home Ownership. Image courtesy of stockimages / FreeDigitalPhotos.net
Wells Fargo announced that it plans to originate $125 billion in mortgages in concert with the National Association of Hispanic Real Estate Professionals’ project to triple Hispanic household wealth over the next decade. Wells Fargo also plans to provide $10 million to support initiatives that promote financial education and counseling for Hispanic home purchasers.
NAHREP’s Hispanic Wealth Project seeks to obtain at least a 50 percent rate of Hispanic American home ownership, a 50 percent increase in the first-year success rate of Hispanic-owned businesses, and a 25 percent increase in the number of Hispanic households owning non-cash financial assets (stocks, bonds, mutual funds, and 401(k) accounts).
“Wells Fargo Home Mortgage has the resources to support the reach of the Hispanic Wealth Project’s goals,” says Cerita Battles, head of diverse segments for Wells Fargo Home Mortgage. “We want to seize the opportunity to help address challenges in income and credit policies, and provide access to home buyer education and counseling to increase consumer confidence among minorities regarding the homebuying process.”
Source: Wells Fargo
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