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This program is a well known scam to unload bank overpriced homes on unsuspected suckers, in this case working class Hispanics and other minorities. The trick is to use government sponsored loans like Fannie and Freddie and we the taxpayers will be on the hook again once this group defaults on their loans.
This is NOT a good news. This is a SCAM!!!!!
Do the homes not require appraisal? Do they have to meet any Fannie or Freddie guidelines?
Didn't they get mortgages already? I have no clue how some can live in neighborhoods with houses that cost 700 grand + in parts of California on a 20 grand per year wage.
What arrogance, they own those homes because they work their butts off and make way more than 20k per year.
Don't be jealous- my family is Hispanic and own homes in high income areas of CA. They bought at the right places at the right time.
This program is a well known scam to unload bank overpriced homes on unsuspected suckers, in this case working class Hispanics and other minorities. The trick is to use government sponsored loans like Fannie and Freddie and we the taxpayers will be on the hook again once this group defaults on their loans.
This is NOT a good news. This is a SCAM!!!!!
I think it's a scam too...Wells Fargo is a horrible bank with unethical practices
I don't know that this is a scam. I think it's just a targeted effort to get Hispanics to purchase property. There are an awful lot of Hispanics in CA, they aren't all dirt poor, and not all areas have $700k housing prices. Maybe they are looking to tap into a market that nobody else is wooing. If it works it would be good for many areas where homeownership would stop the decline.
DES MOINES, Iowa —Wells Fargo Home Mortgage announced Tuesday its support of the National Association of Hispanic Real Estate Professionals' "Hispanic Wealth Project," which seeks to triple Hispanic household wealth over the next decade.
WATCH VIDEO
Wells Fargo announced the project includes a projected $125 billion in mortgage originations and $10 million to support initiatives to promote financial education and counseling for Hispanic homebuyers.
According to a news release, Wells Fargo also announced the goal of increasing the number of Hispanic home mortgage consultants on its sales team.
"Homeownership is a vehicle through which many people build wealth and financial stability," said Brad Blackwell, head of portfolio lending for Wells Fargo Home Mortgage. "Homebuying and its downstream benefits can help improve neighborhoods, local businesses, and the overall economy. As the nation's leading home mortgage lender to racially and ethnically diverse homebuyers, including Hispanics, we support NAHREP in this important mission and want to demonstrate our efforts to do more to increase homeownership to these communities."
The NAHREP Hispanic Wealth Project Blueprint focuses on three component goals to facilitate Hispanic wealth creation: a 50-percent or greater rate of U.S. Hispanic homeownership, a 50-percent increase in the first-year success rate of Hispanic-owned businesses, and a 25-percent increase in the number of Hispanic households owning non-cash financial assets such as stocks, bonds, mutual funds and 401(k) accounts.
Dimas DeLeon is an Iowa real estate agent. He said the National Association of Hispanic Real Estate Professionals Hispanic Wealth Project and its financial support from Wells Fargo will put Hispanics nationwide and here in Iowa on the path toward home ownership.
"That is their American dream to live in a home for their family, for their future, their kids future -- it's a really big deal for them," said DeLeon.
Yeah I'm sure banks are doing this out if the goodness of their stone cold corporate hearts. I have ne account with WF and I can't get rid if it. If I could I would
They are attempting to increase their business by targeting a specific group, who they hope will not recognize it as advertising,
They'll never get that advertising from me. The government bailed out the banks but I never hear of them helping the middle class who are in underwater homes. Now I'm not saying that my brother isn't at fault, he fell for the last scam and is now underwater. The last I heard his interest rate is at 7% and he struggles but still (barely) pays his mortgage but when he asked Wells Fargo to lower his interest rate they turn him down.
Oh well, now they'll be working on the next group of suckers.
DES MOINES, Iowa —Wells Fargo Home Mortgage announced Tuesday its support of the National Association of Hispanic Real Estate Professionals' "Hispanic Wealth Project," which seeks to triple Hispanic household wealth over the next decade.
WATCH VIDEO
Wells Fargo announced the project includes a projected $125 billion in mortgage originations and $10 million to support initiatives to promote financial education and counseling for Hispanic homebuyers.
According to a news release, Wells Fargo also announced the goal of increasing the number of Hispanic home mortgage consultants on its sales team.
"Homeownership is a vehicle through which many people build wealth and financial stability," said Brad Blackwell, head of portfolio lending for Wells Fargo Home Mortgage. "Homebuying and its downstream benefits can help improve neighborhoods, local businesses, and the overall economy. As the nation's leading home mortgage lender to racially and ethnically diverse homebuyers, including Hispanics, we support NAHREP in this important mission and want to demonstrate our efforts to do more to increase homeownership to these communities."
The NAHREP Hispanic Wealth Project Blueprint focuses on three component goals to facilitate Hispanic wealth creation: a 50-percent or greater rate of U.S. Hispanic homeownership, a 50-percent increase in the first-year success rate of Hispanic-owned businesses, and a 25-percent increase in the number of Hispanic households owning non-cash financial assets such as stocks, bonds, mutual funds and 401(k) accounts.
Dimas DeLeon is an Iowa real estate agent. He said the National Association of Hispanic Real Estate Professionals Hispanic Wealth Project and its financial support from Wells Fargo will put Hispanics nationwide and here in Iowa on the path toward home ownership.
"That is their American dream to live in a home for their family, for their future, their kids future -- it's a really big deal for them," said DeLeon.
Homebuying and its downstream so-called benefits can also help displace renters and make them worse off, fracture low-income communities and their social networks, and increase gang violence when displacement disrupts established gang turf.
You dont get it why they did this. Wells Fargo was sued and settled with the Feds. They were ordered to do this. Want to know why? For robo signing thousands upon thousands of foreclosures and screwing thousands of thousands out of their homes. So they put a PR spin on it and now they are the heroes.
You dont get it why they did this. Wells Fargo was sued and settled with the Feds. They were ordered to do this. Want to know why? For robo signing thousands upon thousands of foreclosures and screwing thousands of thousands out of their homes. So they put a PR spin on it and now they are the heroes.
The irony is that it sounds a lot like "reverse redlining". Didnt that get Fleet Bank et al in trouble waaay back in the 90's?
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