Flood of orders published without explanation on social media target programs and practices designed to boost lending in minority communities, protect borrowers from deceptive practices
Royal Bank of Canada subsidiary now offering grants of up to $50K in minority census tracts in the metro LA market as part of larger initiative to boost lending in underserved communities
To qualify for grants being made through Wells Fargo's existing Special Purpose Credit Program, homebuyers can't earn more than 120% of the area median income
With Fannie and Freddie leading the charge, a growing number of lenders are using special purpose credit programs to boost homeownership in underserved communities
The bank says it has racked up $353M in severance expenses, primarily in mortgage, as it closes branches and pursues a 'more focused home lending business'
Executives hope to reduce risk by reducing the size and narrowing the focus of bank's mortgage business to better serve retail customers and minority communities