$60 Billion Committed to Black Homeownership by Wells Fargo

Wells Fargo & Company has set aside a staggering $60 billion to lend to at least 250,000 black homeowners by the year 2027.

Metropolitan Atlanta’s second-largest bank also pledged to increase the diversity of its home lending sales team and spend another $15 million to give financial education and counseling over the next 10 years.

The announcement came at a recent press conference in Atlanta that was attended by representatives from several organizations including the National Urban League, the NAACP and the National Newspaper Publishers Association – an organization comprised of 211 African-American-owned newspapers and media companies.

“The National Newspaper Publishers Association enthusiastically salutes Wells Fargo Home Mortgage Division for taking steps forward to promote and to advance African-American homeownership,” said NNPA President and CEO Dr. Benjamin F. Chavis, Jr. “As we conclude celebrating 2017 Black History Month, it is aspirational for Wells Fargo to offer $60 billion in loan accessibility specifically for African-Americans who want to purchase and own a home.”

Chavis continued: “This is unprecedented in the mortgage lending space in the United States. Millions of African-American families will now be able to strive more effectively to own a home. This is also about economic justice.”

Chavis said that the NNPA intends to work directly with Wells Fargo to raise public awareness about this new initiative to substantially assist African-Americans to be homeowners across America.”

The banking giant’s commitment was hailed as a direct action to help address the lower homeownership rates in the Black community and it follows Wells Fargo’s announcement to address Hispanic homeownership rates in 2015.

Further, officials said the company’s commitment seeks to increase the diversity of the Wells Fargo Home Lending sales team, and support the effort with $15 million to support a variety of initiatives that promote financial education and counseling over the next ten years.

“Wells Fargo’s $60 billion lending goal can contribute to economic growth by making responsible homeownership possible for more African-Americans in communities across the country,” Brad Blackwell, executive vice president and head of housing policy and homeownership growth strategies for Wells Fargo, said in a statement. “We are proud to be the first mortgage lender to make a public commitment to help increase African-American homeownership. And, we are grateful for the support of key housing and civil rights organizations, who work alongside us to increase economic prosperity in our communities,” Blackwell said.

The company has also pledged to continue to improve diversity of its sales team, including increasing the number of Black home mortgage consultants, noting that they’ll dedicate $15 million to support a variety of initiatives that promote financial education and counseling for African-American homebuyers.

The African-American lending commitment is the second initiative from the company’s Housing Policy and Homeownership Growth Strategies group, a Wells Fargo Home Lending team advancing homeownership for minorities, first-time homebuyers and low- to moderate-income customers.

“Homeownership has become an indispensable part of being a full participant in American society,” National Urban League President and CEO Marc H. Morial said in a statement.

Morial continued: “An erosion of homeownership rates among African Americans represents not only a devastating financial loss but a barrier to full participation in the American dream.”

[SOURCE]

Black fathers, you are important to your child's education.

By George L. Cook III AfricanAmericanReports.Com

To my fellow black fathers out there you are vital to your child/children's education in ways you may not even know. You can help lay the foundation for your child/children to build on and it's a role that we must take seriously. Watch more on this very important topic below.

Senator Tim Scott denounces Steve King's racist tweets

Tim Scott the only African American Republican in the U.S. Senate has denounced Iowa congressman Steve King's racist tweets in which King seems to be supporting white nationalism. Below is one of those tweets.

Wilders understands that culture and demographics are our destiny. We can't restore our civilization with somebody else's babies. https://t.co/4nxLipafWO

— Steve King (@SteveKingIA) March 12, 2017

Here is Scott's response to those racist tweets:

“Rep. King’s comments immediately brought to mind the motto printed on our nation’s coins – e pluribus unum, or ‘out of many, one,’ ” Scott said in an email. “And as a Christian myself, I believe we are all descended from the same place. His comments stand in direct contradiction to those ideas and beliefs, and I firmly reject them.”

John Lewis denounces Steve King’s ‘Bigoted And Racist’ Comments

Rep. John Lewis (D-Ga.) has released the following press release following Steve King (R-Iowa) “bigoted and racist” comments that appeared to support white nationalism.

REP. JOHN LEWIS CRITICIZES REP. KING’S COMMENTS ON THE NEED FOR A “HOMOGENEOUS” AMERICA

March 13, 2017 

Press Release

                WASHINGTON—In response to tensions surrounding immigration during the election season in the Netherlands, Rep. Steve King (R-IA) tweeted this statement on Sunday in support of Dutch right-wing politician Geert Wilders, “ Wilders understands the culture and demographics are our destiny.  We can’t restore our civilization with somebody else’s babies.”  The statement has been widely criticized, including by the Chairman of the Iowa GOP, Jeff Kaufmann.  Well-known white supremacist David Duke, however, did indicate his support for King’s tweet.  According to a National Public Radio report, King refused to back down from the statement in an interview this morning adding, ‘”I meant exactly what I said,’ and that he’d ‘like to see an America that’s just so homogeneous that we’d look a lot the same, from that perspective,’”

              Rep. John Lewis made this statement in response to King’s comment:

              “My colleague has made a deeply disturbing statement because it ignores the truth about the history of this nation.  Western civilization did not create itself.  It was founded on traditions that emerged from Africa, Iran, China, Greece and Rome and other nations.

“With the exception of Native Americans, we all came to this land from some other place in the world community, and this country is a melting pot of cultures, traditions, appearances, and languages.  In order to live together as one people, we must come to respect the dignity and the worth of every human being.  It is that understanding that will make us one nation, not a homogeneous appearance.

              “Rep. King’s statement is bigoted and racist.  It suggests there is one cultural tradition and one appearance that all of humanity should conform to.  These ideas have given rise to some of the worst atrocities in human history, and they must be condemned.” 

Get Out crosses the $100 million dollar mark

By George L. Cook III AfricanAmericanReports.Com

The Jordan Peele directed movie Get Out which is an allegory of African-American strengths being siphoned for the benefit of white people, disguised as a run-of-the-mill horror flick crossed over into blockbuster status this weekend. The movie which cost $4.5 million to make has now grossed over $111 million at the box office. No matter what happens from here on out it will be most of the most profitable movies of the year.

Per BoxOfficeMojo

Universal and Blumhouse's Get Out finished third this weekend, once again outperforming expectations as it dropped just 25.4% for an estimated $21 million for a domestic cume that now stands at $111 million. Coming up with comparisons for Jordan Peele's breakout thriller is near-impossible as its week-over-week performance is mind-blowing as it is already Blumhouse Productions' second highest grossing release of all-time and showing absolutely no signs of stopping. And it can't be said often enough, the film's budget was a mere $4.5 million.