Wells Fargo is slashing its home mortgage division, despite being the largest mortgage lender in the nation in 2019.
The bank will only issue new home loans to existing White customers. Meanwhile, they will continue to give home loans to non-Whites who are brand new customers.
Wells Fargo wants to slash new home loans because of changes in the market. However, they do not want to give up corporate virtue signaling. This policy, which seems wildly discriminatory, allows them to reduce new home loans while continuing to virtue signal how they are closing the racial gap in home ownership.
Wells Fargo CEO of consumer lending, Kleber Santos, stated, “our priority is to de-risk the place, to focus on serving our own customers and play the role that society expects us to play as it relates to the racial homeownership gap.”
