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55 July 2025 J O U R N A L July 2025 » themortgagepoint.com out through difficult conditions," added Scharf. "Our employees have invested so much of themselves into the company in recent years, and as a demonstration of our appreciation for what we have accomplished together, all full-time employees of Wells Fargo will receive a special $2,000 award." Including today's lifting of the asset cap, Wells Fargo has resolved all 14 con- sent orders that had been imposed on it. "I want to thank our Board of Direc- tors for their work in achieving today's outcome, including the substantial changes we have made to board com- position and oversight," said Steven D. Black, Chairman of Wells Fargo's Board of Directors. "On behalf of the entire Board, I also want to thank the manage- ment team, and in particular, Charlie for his inspired leadership. Since he arrived in late 2019, Charlie has assembled a top-notch management team, overseen the details and the big picture of a major transformation effort, and made meaningful changes to improve returns through a global pandemic, periods of economic volatility, and significant regulatory headwinds. He has been instrumental in advancing our goal to make Wells Fargo one of the most well-respected, consistently growing financial institutions in the country." HUD SECRETARY: U.S. HOUSING NEEDS A 'NEW PLAYBOOK' U .S. Department of Housing & Urban Development (HUD) Sec- retary Scott Turner addressed the House Appropriations Committee's Transportation, Housing and Urban De- velopment Subcommittee in support of President Trump's 2026 Budget for HUD. HUD's request for new budget authority in FY26 is $33.2 billion, a $35.5 billion decrease from the FY25 enacted level. The Department also uses mort- gage guarantee fees from the Federal Housing Administration (FHA) and Ginnie Mae to offset its spending. "As of April, the national median home price is $414,000 … up from more than $341,000 in April of 2021—marking a huge increase of more than 21%. And the average 30-year fixed mortgage rate is almost 7%, nearly double the rate in 2019," said Secretary Scott in his testimony. "The numbers don't lie: It became significantly harder to own a home due to the policies of the Biden administration. Simply put, we need a new playbook." Advocating for President Trump's FY 2026 Discretionary Budget, HUD Sec- retary Turner added: "It requests $34.5 billion for the Department. But more than that, it represents the clear balance between funding mission-critical pro- grams and much-needed fiscal restraint. It carries out President Trump's Day One Presidential Memorandum to de- crease the cost and increase the supply of affordable housing. We will maxi- mize whatever funds Congress gives us, whether it's $10 billion or just $10." Budgetary Impact on Housing Trump's FY 2026 Discretionary Budget Request focuses on several HUD programs, including: • Community Development Block Grant (CDBG) Program: The Bud- get proposes to eliminate the CDBG program, which provides formula grants to more than 1,200 state and local governments for a wide range of community and economic develop- ment activities. Cutting the CDBG program will save an estimated $3.3 billion according to the Budget Request. • HOME Investment Partnerships Program: The Budget seeks to elim- inate the HOME program, a formula grant that provides state and local governments with funding to expand the supply of housing. Cutting the HOME program will save an estimat- ed $1.25 billion annually. • Native American Programs and Native Hawaiian Housing Block Grant: The FY 2026 Budget stream- lines housing assistance for Native American programs and focuses available resources on the main for- "As of April, the national median home price is $414,000 … up from more than $341,000 in April of 2021—marking a huge increase of more than 21%." —Scott Turner, Secretary, U.S. Department of Housing & Urban Development