Washington, DC — As the federal government faces a possible shutdown, local community organizations will gather in Washington, DC to call for renewed efforts to prevent foreclosures, create jobs and stabilize communities, building on model programs and efforts at the local level. Joined by its state-based member organizations, the National Community Reinvestment Coalition (NCRC) hosts its […]
Washington, DC — John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC) today made this statement about proposals in Congress for Fannie Mae and Freddie Mac, and federal agency proposals on the Qualified Residential Mortgage (QRM): “How we address Fannie Mae and Freddie Mac, and the definition of the Qualified Residential Mortgage, will […]
Washington, DC — John Taylor, president & CEO of the National Community Reinvestment Coalition (NCRC) today made this statement about the anticipated House vote to terminate the Home Affordable Modification Program (HAMP):
“Given the fragile state of the economy, Congress and the Administration need to stop procrastinating and create proposals that actually solve the country’s financial problems, not ignore them. Congress’ decision this week to eliminate HAMP does nothing but cause further agony to the millions of hard-working families who are on the brink of losing their homes.”
“If anything, Congress should be debating how HAMP can be reengineered and improved. The Administration also needs to step up, and take a hard line to ensure that the industry meets the requirements of the program. And our government needs to stop tip-toeing around the housing crisis and start addressing it head-on with concrete, actionable solutions that lend a hand to the American people rather than providing yet another escape hatch for Wall Street.”
Bank’s Home Loan Modification Reduces Principal by Tamara Keith March 10, 2011 Listen to the Story Bank of America is announcing on Thursday a loan modification program to help military service members who are behind on their mortgages. What’s unique about the program is that the bank is offering to reduce the principal owed on […]
Call for Swift Passage of Responsible Banking Act (Intro. 485)
Council members, advocates and community residents gathered on the steps of City Hall today to demand that banks be held accountable, and to call for the passage of the recently introduced Responsible Banking Act (Intro. 485 – Vann, Recchia). The press conference followed a hearing on the legislation in the New York City Council Committees on Community Development and Finance, also held today.
The Responsible Banking Act is important new proposed legislation that will create a ranking system of banks seeking city deposits based on how responsive they are to the needs of New York City’s neighborhoods. By holding banks that store the city’s money more locally accountable, the bill would incentivize these financial institutions to engage in practices that are beneficial to all New Yorkers and strengthen their community development efforts in New York City. An evaluation of how these banks contribute to the needs of the City and its communities would be a transparent and important tool of the city in determining which banks it deposits its funds.
The bill is not only a response to the aftermath of predatory lending and other harmful bank practices that contributed to the national financial crisis, but also to continued disengagement by banks within underserved communities. As the effects of this continue to be felt in our city, it is imperative that New York City take affirmative steps to rebuild and strengthen its partnerships with the banking community. The Responsible Banking Act creates the transparency and oversight necessary to achieve this. The bill would require the Department of Finance, in its role on the NYC Banking Commission, to collect important information related to community development activities performed by banks wanting to be city depositories. These would include whether they provide: mortgage loan restructuring for struggling homeowners; financing for the construction of affordable housing; and/or credit and financial services for small businesses, among other criteria.
Washington, DC — John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC) today made this statement on proposals to eliminate housing programs before the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity:
“The failure of Congress to mandate foreclosure assistance programs that address the whole magnitude of the crisis is a reason to do more, instead of nothing. A vacuum of leadership on foreclosures will be filled by these reckless and heartless proposals unless the Administration and the rest of Congress step up, and not continue to penny ante and punt. Only twisted thinking concludes that leaving people to fend for themselves when they are kicked out of their homes is the correct solution to our economic woes. Simply put, it will make a terrible problem even worse. The real cost of these housing programs is in the lost opportunity to expand their scope. Given the fragile state of our economy, we need proposals that solve the problem, not ignore it; if we don’t, I fear we’ll be having this same debate years from now.
Who is NCRC? What do they do? The National Community Reinvestment Coalition (NCRC) is a non-profit association comprising 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. Our members include community reinvestment organizations, […]