NCRC

FCIC Report Puts Blame Where It Belongs: On Wall Street & Regulators

By / / Press Releases / 2 minutes of reading

 Going Forward, Two Big Lessons Learned: Don’t Put the Fox in the Henhouse, and Regulation Matters

Washington, DC — John Taylor, President and CEO of the National Community Reinvestment Coalition, released this statement today about the Financial GSE picCrisis Inquiry Commission report and proposals to return the government-sponsored entities to the private sector without affordable housing goals:

This report puts the blame where it belongs on Wall Street and the federal regulators who looked the other way. It also puts to rest the myth that making capital available to low or moderate-income borrowers was a cause of the crisis.

While the report may be a day late and a dollar short, the lessons going forward are that regulators need the authority and the resources to stay on top of financial innovations and make sure risk taking does not become reckless. The other very important lesson is that regulation matters when it comes to protecting consumers.  There is an appropriate and necessary federal role in ensuring access to capital and markets for nontraditional borrowers, which is why the affordable housing goals must remain a part of the mission of the government-sponsored entities.

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The Hardest Hit Fund Reaches DC Residents via Newly Launched HomeSaver Program

By / / Press Releases / 2 minutes of reading

homesaver logo

NCRC’s Housing Counseling Network joins DC program to provide foreclosure prevention counseling to the unemployed

Washington, DC— the National Community Reinvestment Coalition’s Housing Counseling Network (NCRC HCN), a Housing and Urban Development (HUD) certified housing counseling organization, announced that it will provide housing counseling under the District of Columbia Housing Finance Agency’s (DCHFA) HomeSaver program. The DCHFA program will provide foreclosure prevention to an estimated 1,000 unemployed DC homeowners, and is funded by the $1.5 billion dollar Hardest Hit Fund Initiative created by the Obama administration last year.

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John Taylor: Foreclosures Are the Mortal Enemy to Economic Recovery

By / / Uncategorized / 11 minutes of reading

By: Lori Ann LaRocco CNBC Sr. Talent Producer Published: Monday, 29 Nov 2010 | 10:17 AM ET   The foreclosure crisis still divides us into two camps. There are those who believe that foreclosing rapidly on homes subject to defaulted mortgages is vital to clearing the market. Others believe we should do everything we can

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While HAMP Program Continues to Fail, Treasury Hides the Ball

By / / Press Releases / 3 minutes of reading

Washington, DC – A new report from the Congressional Oversight Panel shows that the Administration’s leading foreclosure prevention program, the Home Affordable Modification Program (HAMP), will modify less than 5% of the loans that will go into foreclosure by program end. An estimated 8 to 13 million foreclosures will take place by 2012. The report

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NCRC Calls For Federal Investigation Into Lenders’

By / / Press Releases / 4 minutes of reading

NCRC Calls For Federal Investigation Into Lenders’ Refusal to Make Loans to Working Class Families

Files 22 Complaints With HUD Over Lenders’ Unfair & Discriminatory Policies

WASHINGTON, DC — The National Community Reinvestment Coalition (NCRC) today called on federal agencies and banking regulators to investigate the nation’s largest Federal Housing Administration (FHA) approved lenders for possible violations of federal housing rules by refusing to offer loans to qualified Americans to the FHA policy of a minimum credit score of 580 and above with a 3.5% downpayment.

A recent NCRC investigation found that the majority of top FHA lenders failed to offer applications for federal-guaranteed loans to potentially qualified borrowers with credit scores below 620 or 640, even though FHA guarantees loans with credit scores to 580. These lenders have policies that establish “credit overlays” above the FHA policy, with minimum credit score requirements as high as 640. One-third of all Americans have credit scores under 620.

“Critical to our nation’s economic progress is the ability of homeowners to get quality refinancing, and for homebuyers to reclaim vacant houses by accessing quality mortgage credit, ” said John Taylor, president & CEO of the National Community Reinvestment Coalition.

“The decision by some banks to not follow the FHA’s policy is cutting qualified borrowers off from accessing credit, and in doing so, causing harm to their ability to prosper, build wealth and for our economy to grow. And this decision is arbitrary, because the loans are 100% guaranteed, whether the borrower’s credit score is 580 or 780. That means the loans with lower credit scores don’t pose additional risk to the company, so there’s no legitimate business defense for this across-the-board practice. A lender is only at risk if they fraudulently or improperly originated the loan, against FHA’s underwriting criteria. As is the case across the secondary market, in that situation, the lender can be forced to buy back the bad loan,” said Taylor.

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NCRC Files “Landmark” Fair Housing Complaints

By / / Press Releases / 1 minute of reading

An investigation by the National Community Reinvestment Coalition (NCRC) discovered that a majority of the top 50 FHA lenders have instituted policies that limit access to credit to working families in low- and moderate-income communities, and in communities of color, the very same communities that have been most harmed by the greed and malfeasance of

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Rev. Jesse Jackson, Faith Leaders Call For Congressional Action on Foreclosure Crisis, Bank Lending

By / / Press Releases / 3 minutes of reading

                Impact from Foreclosure Crisis Expanding, Churches Feeling the Pain As Thanksgiving Comes Washington, DC – Dozens of faith leaders today joined Rev. Jesse Jackson, Sr., in calling for congressional action to address the foreclosure crisis and to strengthen and enforce the Community Reinvestment Act (CRA), in order to stabilize communities nationwide that have been

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NCRC Partners with HOPE LoanPort™ to Assist Homeowners

By / / Press Releases / 3 minutes of reading

Organization Praises Web Portal as Complete Solution for Submitting Loan Modification Applications (WASHINGTON, DC) – HOPE LoanPort™ announced today that the National Community Reinvestment Coalition (NCRC), an association of more than 600 community-based organizations, is endorsing its web-based loan modification portal. Both the NCRC and many of its members are already using the groundbreaking new

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NCRC Urges Fed To Stimulate Economy By Demanding Principal Reductions

By / / Press Releases / 4 minutes of reading

NCRC Urges Fed To Stimulate Economy By Demanding Principal Reductions On Its Loans Worth $1.1 Trillion Taylor Says Federal Government Has Power, Authority to Obtain Reductions on Majority of Mortgage Market Washington, DC – In its efforts to stimulate the economy, the Federal Reserve should demand that banks reduce the principal balances on $1.1 trillion

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Federal Housing Probe On Target But Should Examine Loan Modifications

By / / Press Releases / 3 minutes of reading

Washington, DC —  John Taylor, president & CEO of the National Community Reinvestment Coalition, issued this statement today in response to the Administration’s probe of mortgage servicers: “It was heartening to hear that the Obama Administration is investigating whether servicers are doing all they can to help homeowners avoid foreclosures, but their probe must include the abusive lending practices that led to the financial chaos that shattered our economy. The Administration should move quickly on the question of whether banks are doing what they must do and should do under housing laws to help borrowers because stemming foreclosures is key to ending the economic downturn. Foreclosures are the bane of our economic recovery, and we fail to see how a temporary national freeze will hurt the economy more than the foreclosures do. Nobody wants to freeze foreclosures on abandoned homes. And a foreclosure freeze gives us all the chance to counsel homeowners, work with lenders and servicers to fix the servicing pipeline, and keep responsible homeowners in their homes.

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Rebuilding Communities in Economic Distress (REO Report)

By / / Research / 1 minute of reading

NCRC released its latest report: “Rebuilding Communities in Economic Distress: Local Strategies to Sustain Homeownership, Reclaim Vacant Properties, and Promote Community-Based Employment.” This report will be of interest to local community, housing and economic development entities and their stakeholders, as well as to policy makers at every level looking to replicate best practices in community

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