The bank has set a lending goal of $125 billion.
DES MOINES, Iowa
Wells Fargo home mortgage in Des Moines wants to give more Latinos an opportunity to become homeowners.
The bank set a lending goal of $125 billion to support the National Association of Hispanic Real Estate Professionals’ Hispanic Wealth Project. That project is trying to triple household wealth among Latinos over the next decade.
The plan is to increase home and business ownership by 50%. Wells Fargo also pledged $10 million to support financial education and counseling for Latino homebuyers. Real estate analysts said it’s vital in Iowa where there’s a strong immigrant population.
“Well, Hispanics aspire to homeowners,” said Gerado Jeryr Ascencio, NAHREP Foundation Chairman. “When we come to America, we come here to work hard, we come here for economic opportunities, and what we come here to own is a little piece of America. For us, that’s the iconic symbol of success. We don’t want to be condemned to be renters for the rest of our lives.”
Wells Fargo also hopes this project increases the diversity of its team members.