Washington, DC – Today, in reaction to the National Mortgage Settlement Monitor’s latest quarterly update, NCRC President and CEO John Taylor made the following statement:
“The latest Settlement Monitor’s update shows that many homeowners are receiving relief in the form of principal reduction, which is a very positive thing. It is good to see that the banks are stepping up in their adherence to their obligations under the settlement. At the same time, while substantial progress has been made, it’s clear that more needs to be done. More borrower relief is essential to prevent foreclosures and to help stabilize the housing market. We look forward to more principal reductions and other meaningful relief for consumers.”
“Since the evidence is conclusive that communities of color were disproportionately targeted with subprime and high cost loans, it is necessary to ensure that borrower relief under the National Mortgage Settlement is focused in the areas that were hardest hit by nefarious industry lending and servicing practices. The Independent Settlement Monitor’s office will need to release additional data that makes it clear if communities of color are in fact being served by this settlement.”
“In addition, it is past due time for the Federal Housing Finance Agency (FHFA) to allow principal reductions at the Government Sponsored Enterprises (GSEs). For this to happen, the Senate must cease its blockage of President Obama’s nominees to FHFA and confirm Mel Watt as FHFA Director. The Senate must also confirm Richard Cordray so that he can continue the excellent work he has done leading the Consumer Financial Protection Bureau (CFPB). These two confirmations would accelerate the housing recovery by reducing foreclosures, and ensure a safer marketplace for consumers.”
About the National Community Reinvestment Coalition (NCRC): The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.
