To kick off the first day of National Hispanic Heritage Month on Tuesday, Wells Fargo has announced a $125 billion plan to boost Hispanic home ownership in America.
The massive bank teamed up with the National Association of Hispanic Real Estate Professionals in an effort to triple the amount of Hispanic homeowners in America.
Over the next decade, Wells Fargo Home Mortgage and NAHREP will implement a plan with a projected $125 billion in mortgage originations and $10 million to support financial counseling for Hispanic homebuyers, according to the bank’s press release.
“Homeownership is a vehicle through which many people build wealth and financial stability,” head of portfolio lending for Wells Fargo Home Mortgage Brad Blackwell, told KCCI News. “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.” (RELATED: Most Hispanic Voters Don’t Think Path To Citizenship Is Best Solution)
Known as The Hispanic Wealth Project, NAHREP’s website explains the plan as “a bold plan to triple Hispanic household wealth during the next ten years. For most Americans—and for Hispanic Americans, in particular—homeownership and household wealth are interdependent elements of an ‘ecosystem’ that includes employment, income, credit, savings and more. By understanding the dynamics within this ecosystem, we can continue to advocate for Hispanic homeownership through programs, policies and initiatives that not only propose direct outcomes, but also enhance the context for overall Hispanic economic progress.”
The blueprint of The Hispanic Wealth Project expects a 50 percent or greater boost in Hispanic homeownership, and a 50 percent success increase in first year Hispanic-owned businesses. The plan also vows to earn a 25 percent increase in the number of Hispanic households owning stocks, bonds and 401(k) accounts.
In the press release, Wells Fargo pledges the company will be employing more Hispanic people in an effort to connect with prospective customers — specifically beefing-up its sales team with more Hispanic mortgage consultants.
The company did not describe if the new hires will be required to speak Spanish, or if heritage and ancestry will suffice.