(RECAP: Aiming to use its place as one of the nation’s largest banks to address “global social, economic, and environmental challenges,” Wells Fargo announced an ambitious five-year plan that includes massive investments in diversity and social inclusion efforts, environmental causes, and billions of dollars for mortgages in “underserved” communities. Part of $500 million in “philanthropic giving” will include housing grants to Habitat for Humanity, grants to Neighborworks to provide down payment assistance, providing funds for counseling programs for first-time homebuyers, and home repair programs to help low-to moderate-income households folks remain in their homes, among other efforts. Wells Fargo also pledged to provide $150 billion in mortgage originations to minority households and $70 billion in mortgage originations to low-to moderate-income households through the bank’s retail and correspondent networks.)
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