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HUD launches probe into Wells Fargo race-based mortgage lending

By Drooid · Oct 8, 2026, 12:17 AM UTC · How we work

Summary

Story summary

U.S. Department of Housing and Urban Development (HUD) announced a probe into Wells Fargo’s mortgage programs targeting Black homeownership.
HUD Secretary Scott Turner called the bank’s race-based lending strategy immoral, unethical and un-American.
HUD’s letter to CEO Charlie Scharf alleged Wells Fargo sorted borrowers and offered different terms by race.
Wells Fargo shares fell 1.5% to $80.26 after the investigation was disclosed.

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Story summary

U.S. Department of Housing and Urban Development (HUD) announced a probe into Wells Fargo’s mortgage programs targeting Black homeownership.
HUD Secretary Scott Turner called the bank’s race-based lending strategy immoral, unethical and un-American.
HUD’s letter to CEO Charlie Scharf alleged Wells Fargo sorted borrowers and offered different terms by race.
Wells Fargo shares fell 1.5% to $80.26 after the investigation was disclosed.