HUD investigates Wells Fargo over race-based mortgage programs, shares fall

The Department of Housing and Urban Development under President Trump is investigating Wells Fargo's mortgage programs aimed at boosting Black and minority homeownership, saying the race-based initiatives may violate the Fair Housing Act. Officials called the programs "immoral" and "un-American." Wells Fargo shares slipped after the probe was announced. The bank has not commented publicly on the matter.