Bloomberg, December 19, 2022, Big US Banks Fall Short on Promises to Create Black Homeowners
Wells Fargo & Co., once the nation’s biggest home lender, has held mortgages on six houses on the block in recent decades, according to those records. Bank of America Corp. had five and JPMorgan Chase & Co. one. Today, those banks are mostly a memory. The last Bank of America loan was paid off last year. There’s only one Wells Fargo mortgage left and one from JPMorgan — both to landlords.
While increased nonbank lending to Black homebuyers has been welcome, big banks have a responsibility to stay involved, says Dedrick Asante-Muhammad, who oversees policy and equity programs at the Washington-based National Community Reinvestment Coalition. “They have a higher obligation to do this type of lending,” he says, “and they’re failing in a way that the nonbank institutions aren’t.”
