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Washington, DC — The National Community Reinvestment Coalition (NCRC) today made this statement regarding measures the Obama administration is proposing to help the ailing housing market: “If there is a problem with the President’s plan, it’s that Congress must approve it. The President has put forward some very sensible proposals to ensure that the housing market […]
Congress Must Act on President Obama’s Housing Proposals Read More »
Washington, DC — The National Community Reinvestment Coalition (NCRC), the nation’s preeminent advocacy group for fair lending and housing, commends President Obama’s call to resuscitate the housing market expected in his annual State of the Union speech. John Taylor, NCRC President and CEO, said: “The weakness of the market since the 2008 crash continues to
State of the Union: As Homeowners Go, So Goes the Economy Read More »
Organizations Funded to Empower, Organize and Support Older Adults
Washington, DC — The National Community Reinvestment Coalition (NCRC) today announced five new awardees in a multi-year campaign to empower, organize and support economically vulnerable older adults. The announcement expands NCRC’s commitment to the financial well being of older Americans, following the launch in 2011 of National Neighbors Silver, a national campaign to safeguard the financial security of today’s seniors and future retirees.
“Today’s older adults are working longer and living on less. For some, retirement is but a distant dream, while others face the challenge of stretching their savings or going back to work. Seniors are often left to navigate these challenges on their own. Through National Neighbors Silver, NCRC is deepening the capacity of community-based organizations to help older adults achieve economic security, moving from ‘you’re on your own’ to ‘we’re all in it together’.” said John Taylor, President and CEO of NCRC.
NCRC Broadens Movement for Economic Security on Behalf of Older Adults Read More »
Obama Appoints Protector of the Taxpayer Interest Washington, DC — President Obama will today use his constitutional authority to recess appoint former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). In 2010, the National Community Reinvestment Coalition (NCRC) gave Cordray its Henry B. Gonzalez Award for outstanding public service, noting that
NCRC Supports Appointment of Richard Cordray to Head the CFPB Read More »
Senate Blocks Qualified Nominee Washington, DC — The National Community Reinvestment Coalition (NCRC) today issued the following statement after the Senate failed to secure cloture on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau. NCRC President & CEO John Taylor: “Shame on those Senators who have blocked Richard Cordray’s nomination. The
Senators Vote for Wall Street, Against the American People Read More »
Washington, DC — The National Community Reinvestment Coalition today urged the Senate to confirm former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In 2010, the National Community Reinvestment Coalition (NCRC) gave Cordray its prestigious Henry B. Gonzalez Award for outstanding public service, noting that he was a “shining
NCRC Calls on Senate to Confirm Richard Cordray to Head the CFPB Read More »
Washington, DC – Following hundreds of arrests of people with the Occupy Wall Street movement this morning, the National Community Reinvestment Coalition today issued this statement: “Today, hundreds of people were arrested as they protested the sins of Wall Street and supported economic equality. This is more people than have or likely ever will be
In Solidarity Against Economic Inequality Read More »
Over a dozen consumer and civil rights groups ask OCC for extension of comment period and public hearings Washington, DC — The National Community Reinvestment Coalition (NCRC) today announced its opposition to the Capital One acquisition of HSBC’s U.S. credit card business. Over a dozen national consumer and civil rights groups wrote to the Office
Washington, DC — In a letter sent to Chairman Hal Rogers and three other members of the House Appropriations committee, the National Community Reinvestment Coalition opposed extending higher loan limits on FHA loans. The House of Representatives is currently considering raising the loan limits from $625,500 back to $729,750. A recent Congressional Budget Office report
NCRC Opposes Higher Limits on FHA Loans Read More »
The Foreclosure Crisis and Its Impact on Communities of Color: Research and Solutions
Washington, DC — As the foreclosure crisis continues unabated, destroying wealth for American families and undermining the stability and vibrancy of communities, NCRC’s recent whitepaper serves as an in-depth investigation of the success and weaknesses of the major federal and private foreclosure prevention efforts. The paper also examines proposed solutions to rebuild the homeownership markets. The paper has a particular focus on the impacts of the foreclosure crisis on people and communities of color.
The report addresses three critical aspects of the foreclosure crisis:
First, the foreclosure crisis is disproportionally affecting communities of color, and continuing without any meaningful preventative intervention. The homeownership rates for communities of color are at their lowest levels in over a decade. It is expected these rates will drop even further, which would wipe out over 15 years of gains in homeownership rates for people of color. The combination of foreclosures and falling home prices has also resulted in a catastrophic loss of wealth, in particular for people and communities of color.
Second, there are several strategies and solutions that could significantly halt the foreclosure crisis, as well as repair the damage, but no policies are actively being debated by policy makers. There are no signs that the HAMP program will be significantly improved to have a greater foreclosure prevention impact and, given the current political climate, it seems unlikely that any additional funds for new foreclosure mitigation efforts will be forthcoming. Finally, many proposals to rebuild the homeownership market would actually further undermine the housing markets.
Third, there is no national clearinghouse of information on foreclosures that is systematic, searchable, and comprehensive. A comprehensive clearinghouse of data and research would enable more effective responses to the damage that is occurring to families and communities by the foreclosure crisis. Without a central hub of information, it is also difficult to understand the long-term damage the foreclosure crisis will likely have across cities and communities.
NCRC Releases Report on the Impact of Foreclosure Crisis on Communities of Color Read More »
Capital One Denied Homeowner Access to Help for Unemployed Homeowners and HAMP
Washington, DC — The National Community Reinvestment Coalition (NCRC) today announced that is has filed a complaint with the District of Columbia Government Office of Human Rights and the U.S. Department of Housing and Urban Development (HUD), alleging that Capital One has violated local and federal fair housing laws by denying an unemployed homeowner access to a program for unemployed homeowners, as well as a federal mortgage modification program.
“Where there is smoke, there is often fire. Our complaint must be fully investigated to determine if Capital One has routinely denied borrowers the best assistance available to them. Capital One’s failure to participate in mortgage modification programs is cause for serious concern. The regulators should not allow Capital One to take over ING Direct’s $41 billion mortgage portfolio without a demonstration that they are in compliance with the law, and will act to ensure customers have access to the best loan modifications,” said John Taylor, president & CEO of NCRC.
The case concerns Ms. Cembrye Ross, an attorney in the Washington, DC area, who sought help from Capital One for her mortgage when she became unemployed. Capital One did not offer Ms. Ross a sustainable modification, even though she would have qualified for help under both the DC HomeSaver Program, which helps unemployed homeowners, and the federal Home Affordable Modification Program. Capital One, which was not participating in either program, instead steered Ms. Ross to a proprietary modification that was not affordable to her. Following the filing of the complaint, NCRC was able to stay the foreclosure that Ms. Ross faced.
Complaints Filed Against Capital One for Problematic Mortgage Servicing Read More »
Selected Grantees to Address Economic Security of Older Adults Through Organizing and Education
Washington, DC — The National Community Reinvestment Coalition (NCRC), with support from The Atlantic Philanthropies, is pleased to announce its second round of funding for National Neighbors Silver, an initiative to support and empower older adults nationwide.
As the United States suffers from historically high rates of foreclosure and unemployment, older adults across the nation are particularly susceptible to financial insecurity and instability. NCRC’s recent report about the financial stability of older Americans noted that over 13 million older Americans are economically insecure, living on only $22,000 or less each year.
“Many older Americans face new challenges in this economic environment. The sharp reduction in the value of most seniors’ primary asset — their home — means that they are now especially susceptible to financial insecurity. Through advocacy, organizing and education, National Neighbors Silver supports participating organizations to directly tackle the root causes of the unique economic challenges faced by America’s older citizens,” said John Taylor, President and CEO of NCRC.
NCRC Announces 2nd RFP for National Neighbors Silver Read More »
Read letter: NCRC Letter to FSOC regarding Capital One’s acquisition of ING Direct
NCRC Warns Financial Stability Oversight Council of Emerging Threat to Financial System Read More »
Washington, DC — Today, ranking member Barney Frank of the House Financial Services Committee sent a letter to Federal Reserve Board Chairman Ben Bernanke supporting the National Community Reinvestment Coalition (NCRC) and over a dozen other civil rights and consumer organization’s call for public hearings and an extended comment period on the Capital One acquisition
Washington, DC — The undersigned national consumer, community, housing and civil rights organizations today made this statement regarding Capital One’s proposal to purchase ING Direct: “We strongly support extending the comment period on the acquisition by at least 60 days and holding public hearings in at least 5 major cities which will cover the impact of
