Washington, DC – Today, following a U.S. Department of Housing and Urban Development (HUD) National Homeownership Month “Dare to Own the Dream” event, the National Community Reinvestment Coalition (NCRC) and local community groups called on the Obama Administration to protect and strengthen the affordable housing goals at Fannie Mae and Freddie Mac.
NCRC President and CEO John Taylor made the following statement:
“It is commendable that the Obama Administration is voicing support for access to credit and homeownership opportunities, and their support for housing counseling and fair housing is outstanding. However, their plan to eliminate Fannie Mae and Freddie Mac is likely to prove extraordinarily harmful to homeownership opportunities for working people across the country.”
“As HUD is calling on us to ‘Dare to Own the Dream,’ the Administration’s actions in the area of housing finance reform could very well deny that dream to working people, not just today, but for future generations.”
“Fannie Mae and Freddie Mac and their affordable housing goals have helped millions to become responsible homeowners. The elimination of Fannie and Freddie and the goals is contrary to the principles that HUD and President Obama have voiced for National Homeownership Month. We call on the Treasury Department and Federal Housing Finance Agency Director Mel Watt to recapitalize Fannie and Freddie, conduct additional reforms to ensure their viability, transparency, and accountability, and end the conservatorship.”
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.