Washington, DC – Today the Obama Administration will announce changes to the Home Affordable Modification Program (HAMP) and to FHA. John Taylor, president & CEO of the National Community Reinvestment Coalition made the following statement:
“The Administration has once again shown their willingness to go back to the drawing board to address programmatic challenges. The enhancements announced today will be helpful to unemployed borrowers and some homeowners who find themselves underwater.”
“But I’m not optimistic that the incentives will be enough to entice servicers and investors to reduce loan principals. Will they help seven million people who are at risk of foreclosure? I will be pleasantly shocked if investors step up for half a million borrowers. The real acceleration in the number of foreclosures prevented will come with mandatory principal writedowns.”
The report addresses the concerns surrounding foreclosure prevention rescue scams. The research study was conducted for a period of three months in mid-2009 using “fair lending matched pair testing” or mystery shopping” to assess the extent of the problem. Findings of the study demonstrate that an aggressive legislative solution and added public and private oversights […]
Today, the National Community Reinvestment Coalition released a report addressing the concerns surrounding foreclosure prevention rescue scams. The research study was conducted for a period of three months in mid-2009 using “fair lending matched pair testing” or mystery shopping” to assess the extent of the problem. Findings of the study demonstrate that an aggressive legislative […]
Survey of Loan Modifications Reveals Troubling Trends
Washington, DC – Today, the National Community Reinvestment Coalition will testify before the House Oversight and Government Reform Committee, which has opened an investigation into Making Home Affordable, the federal foreclosure prevention program. As part of the Committee’s investigation, NCRC released a survey of homeowner experiences in the loan modification process, conducted by over 29 housing counseling organizations affiliated with the organization.
“We’ve surveyed housing counselors from the front lines of the foreclosure crisis, and they tell us that the battle is being lost.” said John Taylor, president & CEO of the National Community Reinvestment Coalition. “While this administration has been more proactive than the last, Making Home Affordable is simply failing to make enough of a difference relative to the size of the problem. It’s not for lack of good ideas, including more aggressive principal reductions that this crisis has been allowed to continue mostly unabated. The end result, if we don’t get ahead of this problem now, is the ongoing loss of wealth from America’s communities.”
Small businesses are the driving force behind job creation, yet many struggle to find the capital they need to survive and grow. Women and minority-owned businesses face additional impediments. Today, we’re pleased to announce a new NCRC study, “Does CRA Small Business Lending Increase Employment: an Examination on a County Level.” The study looks at over 500 counties around the country, exploring the national impact of Community Reinvestment Act on small business lending.
Washington, DC—The National Community Reinvestment Coalition (NCRC) is pleased to announce the official launch of the Washington, DC Women’s Business Center (WBC) on March 23 at 3 p.m. at the John A. Wilson Building, located at 1350 Pennsylvania Ave NW (room 412). The event will be hosted by the Small Business Administration, the Washington, DC City Council, and NCRC. It will feature remarks from Karen Mills, Administrator of the U.S. Small Business Administration; Kwame Brown, At-large Member of the Washington, DC City Council; and Christina Tchen, Director of the White House Council on Women and Girls.
Seven Community Leaders Are Honored with the National Community Reinvestment Coalition’s
National Achievement Awards
Washington, DC – Hundreds of people from community organizations around the country attended the National Community Reinvestment Coalition’s national conference, March 10-13 in Washington, DC. Attendees heard exciting speeches from Rep. Elijah Cummings, Del. Eleanor Holmes Norton and HUD Assistant Secretary John Trasviña and FHA Commissioner Dave Stevens, among other administration officials. NCRC also announced the winners of its esteemed National Achievement Awards. Rev. Jesse Jackson, Sr. presented the awards to seven community leaders during NCRC’s 20th anniversary conference on March 12, in Washington, DC. Detailed information about the winners and the awards follows below: