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Washington, DC–On Friday, September 24th, NCRC will testify before Federal Reserve Board on making critical improvements to HMDA data, so that lenders can be held accountable for the types of loans they are issuing to communities.
“We are in an era of some of the most complicated mortgage products to-date and given the strain that bad mortgage loans have put on our economy, lenders should be examined with a microscope now more than ever. In the era of reckless and corrupt lending, it is crucial that HMDA actually does what it was enacted to do, which is identify discriminatory lending patterns and determine if financial institutions are meeting local housing needs,” said John Taylor, president and CEO of NCRC, in reaction to the Federal Reserve’s 2009 HMDA data report.
The recently enacted Dodd-Frank bill mandates significant improvements to HMDA data. NCRC calls upon the Federal Reserve Board and the new Consumer Financial Protection Bureau to expeditiously implement these improvements. In today’s release, the Federal Reserve Board states that the current HMDA data lacks information on credit scores, property values, and other factors necessary to fully account for disparities in racial access to affordable loans.
Improving HMDA Data can be the Answer to Averting another Foreclosure Epidemic Read More »
David Berenbaum testimony/us commssn civil rights dc advisory 9.16.10
David Berenbaum Testimony before the U.S. Commission on Civil Rights – Sept 16, 2010 Read More »
Community Reinvestment Act Mitigates Damage to Communities Caused by Financial Crisis A new study by the National Community Reinvestment Coalition finds that Community Reinvestment Act (CRA) regulated lenders avoided significant decreases in lending accompanied by the current foreclosure crisis and severe recession. The study compared home and small businesses lending and bank branching in two
NCRC Releases Safe & Sound Lending in Neighborhoods Study (Sept 2010) Read More »
NCRC Urges Obama Administration To Mandate Loan Principal Reductions By Lenders & Ignore Calls For A “Do Nothing” Approach On Housing Washington, DC — National Community Reinvestment Coalition (NCRC) president & CEO John Taylor today urged the Obama Administration to ignore calls by some housing experts to “do nothing” on housing recovery. Instead, Taylor said
NCRC Urges Obama Administration To Mandate Loan Principal Reductions Read More »
Dear Chairman Frank:
First, we would like to congratulate you and thank you for your leadership in enacting financial regulatory reform that will go a long way towards leveling the playing field for consumers, increasing the safety and soundness of our financial system and helping to curb the worst abuses that caused the economic collapse. We want to thank you in particular for including enhancements to the Home Mortgage Disclosure Act and small business lending data in financial reform.
Sign-On Letter to Chairman Frank – Aug. 16, 2010 Read More »
NCRC frequently provides expert commentary on national television, including ABC’s Nightline, Bloomberg, the CBS Evening News, CNBC, CNN, CSPAN, NBC’s Dateline and Fox News. NCRC research and policy papers have been cited in hundreds of newspapers in the US including in the Wall Street Journal, The New York Times, Washington Post, USA Today, the Chicago
Top Press Mentions Read More »
Congressman Luis Gutierrez (D-IL) has issued this video call to action, calling on his colleagues to support our efforts to strengthen and expand the Community Reinvestment Act. We’re working with the Congressman and his colleagues to move legislation expanding and strengthening CRA in the coming months, and we thank him for his leadership on this
Congressman Luis Gutierrez Remarks – July 30, 2010 Read More »
Hundreds of NCRC members expected to comment and testify before bank regulators this summer Atlanta, GA – Today, eight members of the National Community Reinvestment Coalition testified before the bank regulatory agencies regarding ways to improve the Community Reinvestment Act (CRA) to leverage hundreds of billions of dollars more in private investments for job creation
Community Organizations Weigh in on the Community Reinvestment Act Read More »
