October 31, 2011 — As part of the National Neighbors Silver initiative, John Taylor submitted written testimony to the Senate Subcommittee on Primary Health and Aging on how older adults are faring in the aftermath of the Great Recession. The testimony sheds light on the silent housing crisis plaguing our aging communities. Mr. Taylor offers […]
Taylor Testifies before Senate Subcommittee on Primary Health & Aging Read More »
Background on Capital One Acquisition of HSBC Credit Card Unit Join the National Community Reinvestment Coalition and our members and allies across the country in requesting that the Office of the Comptroller of the Currency extend the comment period and hold hearings on the Capital One Financial Corporation’s proposal to acquire HSBC’s credit card unit.
Capital One / HSBC Credit Card Unit Acquisition Read More »
Washington, DC — In a letter sent to Chairman Hal Rogers and three other members of the House Appropriations committee, the National Community Reinvestment Coalition opposed extending higher loan limits on FHA loans. The House of Representatives is currently considering raising the loan limits from $625,500 back to $729,750. A recent Congressional Budget Office report
NCRC Opposes Higher Limits on FHA Loans Read More »
Download NCRC’s Final Comment Letter to the Federal Reserve on Capital One Acquisition of ING Direct
NCRC’s Final Comment to Federal Reserve on Capital One ING Acquisition Read More »
The Foreclosure Crisis and Its Impact on Communities of Color: Research and Solutions
Washington, DC — As the foreclosure crisis continues unabated, destroying wealth for American families and undermining the stability and vibrancy of communities, NCRC’s recent whitepaper serves as an in-depth investigation of the success and weaknesses of the major federal and private foreclosure prevention efforts. The paper also examines proposed solutions to rebuild the homeownership markets. The paper has a particular focus on the impacts of the foreclosure crisis on people and communities of color.
The report addresses three critical aspects of the foreclosure crisis:
First, the foreclosure crisis is disproportionally affecting communities of color, and continuing without any meaningful preventative intervention. The homeownership rates for communities of color are at their lowest levels in over a decade. It is expected these rates will drop even further, which would wipe out over 15 years of gains in homeownership rates for people of color. The combination of foreclosures and falling home prices has also resulted in a catastrophic loss of wealth, in particular for people and communities of color.
Second, there are several strategies and solutions that could significantly halt the foreclosure crisis, as well as repair the damage, but no policies are actively being debated by policy makers. There are no signs that the HAMP program will be significantly improved to have a greater foreclosure prevention impact and, given the current political climate, it seems unlikely that any additional funds for new foreclosure mitigation efforts will be forthcoming. Finally, many proposals to rebuild the homeownership market would actually further undermine the housing markets.
Third, there is no national clearinghouse of information on foreclosures that is systematic, searchable, and comprehensive. A comprehensive clearinghouse of data and research would enable more effective responses to the damage that is occurring to families and communities by the foreclosure crisis. Without a central hub of information, it is also difficult to understand the long-term damage the foreclosure crisis will likely have across cities and communities.
NCRC Releases Report on the Impact of Foreclosure Crisis on Communities of Color Read More »
The Foreclosure Crisis and Its Impact on Communities of Color: Research and Solutions As the foreclosure crisis continues unabated, destroying wealth for American families and undermining the stability and vibrancy of communities, the National Community Reinvestment Coalition’s (NCRC) latest whitepaper serves as an in-depth investigation of the success and weaknesses of the major federal and
White Paper: The Foreclosure Crisis and its Impact on Communities of Color Read More »
September 20, 2011 — NCRC President and CEO John Taylor testified today before the Federal Reserve on the Capital One acquisition of ING Direct USA, citing issues like systemic risk, public benefits, the future of community-based banking, and the effectiveness of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Download the Testimony
NCRC Testifies at Public Hearings on Capital One Deal Read More »
Background on Capital One / ING Acquisition The National Community Reinvestment Coalition (NCRC) announced that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities and the economy. The deal would make Capital One the fifth largest bank in the United States.
Capital One / ING Direct Acquisition Fact Sheets Read More »
Capital One Denied Homeowner Access to Help for Unemployed Homeowners and HAMP
Washington, DC — The National Community Reinvestment Coalition (NCRC) today announced that is has filed a complaint with the District of Columbia Government Office of Human Rights and the U.S. Department of Housing and Urban Development (HUD), alleging that Capital One has violated local and federal fair housing laws by denying an unemployed homeowner access to a program for unemployed homeowners, as well as a federal mortgage modification program.
“Where there is smoke, there is often fire. Our complaint must be fully investigated to determine if Capital One has routinely denied borrowers the best assistance available to them. Capital One’s failure to participate in mortgage modification programs is cause for serious concern. The regulators should not allow Capital One to take over ING Direct’s $41 billion mortgage portfolio without a demonstration that they are in compliance with the law, and will act to ensure customers have access to the best loan modifications,” said John Taylor, president & CEO of NCRC.
The case concerns Ms. Cembrye Ross, an attorney in the Washington, DC area, who sought help from Capital One for her mortgage when she became unemployed. Capital One did not offer Ms. Ross a sustainable modification, even though she would have qualified for help under both the DC HomeSaver Program, which helps unemployed homeowners, and the federal Home Affordable Modification Program. Capital One, which was not participating in either program, instead steered Ms. Ross to a proprietary modification that was not affordable to her. Following the filing of the complaint, NCRC was able to stay the foreclosure that Ms. Ross faced.
Complaints Filed Against Capital One for Problematic Mortgage Servicing Read More »
Selected Grantees to Address Economic Security of Older Adults Through Organizing and Education
Washington, DC — The National Community Reinvestment Coalition (NCRC), with support from The Atlantic Philanthropies, is pleased to announce its second round of funding for National Neighbors Silver, an initiative to support and empower older adults nationwide.
As the United States suffers from historically high rates of foreclosure and unemployment, older adults across the nation are particularly susceptible to financial insecurity and instability. NCRC’s recent report about the financial stability of older Americans noted that over 13 million older Americans are economically insecure, living on only $22,000 or less each year.
“Many older Americans face new challenges in this economic environment. The sharp reduction in the value of most seniors’ primary asset — their home — means that they are now especially susceptible to financial insecurity. Through advocacy, organizing and education, National Neighbors Silver supports participating organizations to directly tackle the root causes of the unique economic challenges faced by America’s older citizens,” said John Taylor, President and CEO of NCRC.
NCRC Announces 2nd RFP for National Neighbors Silver Read More »
To become an NCRC member, click here. Refund requests received after March 30th will be subject to $80 charge. Refunds will not be given after April 13, 2012. All refunds will be remitted after the conference.
2012 Conference Save the Date Read More »
Download the full publication
Reinvestment Works: Summer 2011 Read More »
Read letter: NCRC Letter to FSOC regarding Capital One’s acquisition of ING Direct
NCRC Warns Financial Stability Oversight Council of Emerging Threat to Financial System Read More »
