HUD’s Pushback Against DEI Mortgages Is Good for Black Wealth

It must be viewed as courageous for Housing and Urban Development Secretary Scott Turner to announce an investigation of Wells Fargo for alleged racial bias in mortgage lending — bias that favors minority buyers. The bank, after all, had said as much when it described its initiative in 2022 as one that “will help close the homeownership gap between white and minority families created by decades of systemic inequities.”

Turner, himself African-American, said the bank’s “practice of dividing Americans based on race is immoral, unethical and un-American.” Moreover, “Wells Fargo and all of its employees that engaged in race-based decision-making should be ashamed of themselves.”

About the Author

Howard Husock

Howard Husock is a senior fellow at the American Enterprise Institute and the author of The Projects: A New History of Public Housing.

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It must be viewed as courageous for Housing and Urban Development Secretary Scott Turner to announce an investigation of Wells Fargo for alleged racial bias in mortgage lending — bias that favors minority buyers. The bank, after all, had said as much when it described its initiative in 2022 as one that “will help close the homeownership gap between white and minority families created by decades of systemic inequities.”

Turner, himself African-American, said the bank’s “practice of dividing Americans based on race is immoral, unethical and un-American.” Moreover, “Wells Fargo and all of its employees that engaged in race-based decision-making should be ashamed of themselves.”