The racial homeownership gap is as large today as it was during the days of segregation, with the white homeownership rate roughly 30 points higher than it is for Black households.
Safe, affordable housing is a key pillar of the American Dream, bringing financial opportunity for consumers and stability for communities nationwide. Unfortunately, the benefits of homeownership are not currently equitable. For me, as the only Black woman leading a national mortgage company, this problem is personal.
Against this backdrop, I’m eager to work with all housing stakeholders — policymakers, community activists, advocates and other corporate leaders — to close the racial homeownership gap.
In October at the Mortgage Bankers Association’s Annual Convention & Expo 2021, I announced the
I am passionate about growing minority homeownership and providing access for those shut out of the American dream. I joined Wells Fargo in part to share this passion, highlight the inequity present over the years and drive progress.
Lenders
In addition to leading Home Lending at Wells Fargo, I am the chair of the MBA board of directors and the leader of the Office of the Comptroller of the Currency’s
Advocates like the MBA help the industry speak with one voice to build a landscape that fosters access to sustainable homeownership. We have a megaphone and we’ll do all we can to use it in the coming years, asking our member companies and policymakers alike to take action. As Congress and the Biden administration consider policy actions focused on housing, we will engage in the dialogue and lend our voice to drive positive collective action.
Groups like Project REACh will also play a role, convening stakeholders from government, financial institutions, technology, nonprofits and more to tackle the structural barriers that have contributed to the racial homeownership gap. Through
We all have a role to play, and while none of us can break down these barriers alone, if we are united in our pursuit, we can make a huge impact together.