This bill reforms Fannie Mae and Freddie Mac, but abolishes their affordable housing goals. This should be a dealbreaker for any fair-minded Senator.
Federal Research Financial Crisis Inquiry Report (2010) “Conclusions of the Financial Crisis Inquiry Commission” “We also studied at length how the Department of Housing and Urban Development’s (HUD’s) affordable housing goals for the GSEs affected their investment in risky mortgages. Based on the evidence and interviews with dozens of individuals involved in this subject area, […]
Anthony Yezer’s recent white paper, Personal Privacy of HMDA in a World of Big Data, is part of the banking industry’s continued effort to limit public access to data collected by federal agencies. Yezer’s paper, which was funded by the Mortgage Bankers Association, fundamentally challenges data collection and reporting under the Home Mortgage Disclosure Act […]
Washington DC- John Taylor, President and CEO of the National Community Reinvestment Coalition, responds to the continuing resolution reopening the United States government on Monday, January 22nd. “Congress made an important stand last Friday but backed down too quickly. Democrats are running a high stake and risky gamble based on the assumption that the House of Representatives and […]
This year we celebrate half a century of progress toward Dr. King’s work for racial and economic justice. But we do so in a country that remains divided, the nation of Charlottesville and #MeToo.
Dear Representative, The undersigned civil rights, fair housing, consumer, and community organizations strongly urge you to oppose H.R. 2954, “the Home Mortgage Disclosure Adjustment Act”. The bill would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly by exempting the vast majority of lenders from the updated […]
We must stand boldly against hate, and we must speak truth to power.
Introduction: Last year, President Trump issued an executive order mandating that federal agencies regulate the financial industry consistent with core principles including empowering consumers to make informed financial decisions and build wealth. In June, the Treasury Department responded to this executive order by publishing the first of a series of reports on the financial industry […]
The U.S. Department of Housing and Urban Development (HUD) announced this week it is suspending the Affirmatively Furthering Fair Housing (AFFH) rule until 2020. The AFFH rule was passed in 2015 to provide jurisdictions with a long overdue roadmap and measurement tools to comply with the landmark Fair Housing Act (FHA).
NCRC’s interest here is to have a robust mortgage securitization system that insures all credit-worthy people have access to quality mortgages. Set them free to do what they have done well for millions of people over decades: help working-class Americans move from being renters to home owners.
We, the undersigned civil and human rights organizations, write to express our profound concern with the ongoing discussions in Congress about comprehensive Government Sponsored Enterprise (GSE) reform legislation, and to request a meeting to ensure that our perspectives are taken into account in this very important effort.
Nearly nine years after the U.S. government seized both of them at the height of the Great Recession, Fannie and Freddie remain under the control of the federal government. The good news is they’re profitable again. The bad news is they no longer play a significant role helping the working class obtain affordable home loans.
December 8, 2017 Dear Conferees: We, the undersigned members of the National Community Reinvestment Coalition (NCRC), are writing to urge you to adopt specific provisions included the Senate version of the “Tax Cuts and Jobs Act.” Although we have concerns overall with both versions of this bill, the Senate provisions regarding private activity bonds, the […]
A new report, produced in collaboration with NCRC, examined mortgages in low- and moderate-income neighborhoods in California. Many went to wealthy borrowers.
Young doctors entering the medical field take the Hippocratic Oath requiring them to deliver quality and ethical care. This cardinal rule of medicine should be applied as the Trump administration mulls Community Reinvestment Act (CRA) reform. The first rule must be to “do no harm” and enact no “reform” that results in less lending and investing in underserved communities.
November 22, 2017 Docket No. CFPB-2017-0025 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G. St. NW Washington, DC 20552 Dear Ms. Jackson: The undersigned organizations appreciate that the Consumer Financial Protection Bureau (CFPB) carefully applied the balancing test in determining which of the new Home Mortgage Disclosure Act (HMDA) […]
Jesse Van Tol, Chief Operating Officer of the National Community Reinvestment Coalition spoke today alongside Rep. Jamie Raskin (D-MD) and consumer rights leaders at a press conference and demonstration outside the Consumer Financial Protection Bureau’s headquarters.
Overall, black entrepreneurs seeking small business loans faced more scrutiny compared to their equal or less creditworthy white counterparts.
Senate Banking Chairman Mike Crapo (R-Idaho) released the text of bipartisan “Economic Growth” legislation, which rolls back valuable fair lending requirements and protections from the dangerous banking practices that led to the 2008 financial crisis.
“This legislation will grow economic inequality rather than our economy, as its name suggests” said John Taylor, President and CEO of the National Community Reinvestment Coalition. “In the midst of several financial scandals, politicians on both sides of the aisle have again proven that their allegiances to Wall Street far surpass their promises to Main Street.”