Regulators Servicing Consent Orders
Letter to Regulators Regarding Consent Orders
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Mortgage Finance Proposals Threaten to Cut Off Access for Working and Middle Class Americans
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
Reinvestment Works: Spring 2011
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Elimination of HAMP Would Only Prolong the Foreclosure Agony
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.”
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BOA Announces Principal Reduction Program for Military
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
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Advocates and New Yorkers Demand Banks Be Held Accountable
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.
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Eliminating Housing Programs Will Make a Bad Problem Worse
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.
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Analysis of Administration’s GSE Proposals
Analysis of the Obama Administration’s Housing Finance Proposals (1.45mb)
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CEFA FAQ
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,
Community Empowerment Film Award
NCRC Announces Call for Entries for the Community Empowerment Film Award NCRC encourages the exploration of creative nonfiction storytelling that presents a unique point of view in creative formats from established and emerging filmmakers. Submissions can range in length from a film short to feature-length documentary. We invite a wide range of approaches to national
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Fannie Freddie Plan Must Not Lock Working Families Out Of Homes
Washington, DC — The following is a statement from John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC), on the Administration’s plan for Fannie Mae and Freddie Mac:
“The only measure for the success of this plan is whether or not all creditworthy borrowers have the opportunity to purchase a home. If working class families are locked out of homeownership, and we end up with a housing finance system that serves only the well-heeled, then we will have failed miserably.
“Historically, working class people have had access to private sector capital in order to purchase a home, with guarantees by the government to ensure affordability. The Administration’s plan, by emphasis and omission, suggests that this country’s commitment to ensuring homeownership for working families will be lessened.
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Privatization of Fannie & Freddie Dangerous & Reckless Without Adequate Oversight of Wall Street
Ensuring affordable housing for millions of Americans should not be sole responsibility of the government
Washington, DC — John Taylor, President & CEO, National Community Reinvestment Coalition, made this statement today on Administration and Congressional proposals for Fannie Mae and Freddie Mac:”Privatizing Fannie Mae and Freddie Mac will exacerbate problems in the housing market, not solve them. We must recognize that for 95% of Fannie and Freddie’s history they did a great job in assisting millions of Americans to purchase a home. If they go away, I fear we’ll see two marketplaces — one for the well heeled, and a more costly system of finance for everyone else.
“If the private market will enjoy the benefit of government guarantees, then there must be a strong duty to serve the affordable housing needs of the country. Putting Wall Street in the driver seat without adequate oversight and a commitment to affordable housing would be a mistake. We still don’t have adequate funding and authority for oversight by the SEC and other agencies to ensure that they behave responsibly.