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Press Releases

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NCRC Releases Report on the Impact of Foreclosure Crisis on Communities of Color

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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.

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Complaints Filed Against Capital One for Problematic Mortgage Servicing

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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.

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NCRC Announces 2nd RFP for National Neighbors Silver

By / / Press Releases / 4 minutes of reading

 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.  

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Congressman Barney Frank Joins NCRC & Other Community Groups, Calling on Federal Reserve to Hold Public Hearings on Capital One Acquisition of ING Direct

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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

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National Groups Call for Public Hearings and Extended Comment Period on Capital One Proposed Acquisition of ING Direct

By / / Press Releases / 4 minutes of reading

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

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NCRC Applauds Efforts to Develop Disposition Plan for Foreclosed Homes

By / / Press Releases / 2 minutes of reading

Washington, DC — The National Community Reinvestment Coalition (NCRC) today applauded the announcement by the Obama Administration of a developing plan to put vacant and abandoned properties owned by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) back to productive use as affordable housing. John Taylor, President & CEO of NCRC, made this

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NCRC Opposes Capital One Deal

By / / Press Releases / 3 minutes of reading

Calls for Federal Reserve to Hold Public Hearings and Extend Comment Period on Capital One Acquisition of ING Direct USA Washington, DC — The National Community Reinvestment Coalition (NCRC) announced today that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities

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NCRC Supports Richard Cordray to Head the Consumer Financial Protection Bureau

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 Washington, DC — President Obama is expected today to nominate the former Ohio state 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 example for state

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Twenty Percent Down-payment Sanctions Unequal & Separate Lending

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Unequal & Separate Lending System Between The Rich & Everyone Else, Throws Gas On Fire Undermining American Economy Washington, DC — John Taylor, president & CEO of the National Community Reinvestment Coalition (NCRC), released this statement at a press conference with U.S. Senators Johnny Isakson, Kay Hagan, and Mary Landrieu and U.S. Congressmen John Campbell

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NCRC Opposes Increase to FHA Down-payment

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Washington, DC — John Taylor, President & CEO of the National Community Reinvestment Coalition, released this statement today about the Republican proposal to raise the Federal Housing Administration (FHA) minimum loan down payment to five percent. The proposal will be discussed at a House Financial Services Subcommittee hearing today. NCRC opposes an increase in the

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Politics Threaten to Undermine Meaningful Consumer Protection

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An Axe to the Heart of Consumer Protection: Politics As Usual Threaten to Undermine Meaningful Consumer Protection Consumer Groups Call on Congress to Cease Efforts Aimed to Undermine the Consumer Financial Protection Bureau Washington, DC – As the House Financial Services Committee prepares to meet this Thursday to vote on newly introduced bills aimed to

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NCRC Opposes Weakening the CFPB

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As Expected, Effort Underway To Weaken Consumer Financial Protection Bureau NCRC’s John Taylor Says Financial Lobby Strangling Reform Washington, DC – John Taylor, CEO and President of the National Community Reinvestment Coalition, released this statement today about the markup of legislation by the House Financial Services’ Subcommittee on Financial Institutions and Consumer Credit. Two bills

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NCRC Announces Grantees in National Neighbors Silver Initiative

By / / Press Releases / 2 minutes of reading

Organizations Funded to Support and Empower Older Adults on Economic Security Issues

Washington DC — The National Community Reinvestment Coalition (NCRC), with support from  Atlantic Philanthropies, announced grantees in an initiative to organize and empower older adults across the country. National Neighbors Silver (NNS) brings community, public, and private sector partners together utilizing structured, neighborhood-focused education and organizing strategies that benefit older adults. The National Neighbors Silver grant will fund regional advocacy networks, facilitated by local organizers.

Five NCRC member organizations selected for this initiative were announced at NCRC’s annual conference last week. Empowering and Strengthening Ohio’s People of Cleveland, Ohio, United Neighbors of Davenport, Iowa, Faith Action for Community Equity of Honolulu, Hawaii, Northside Community Reinvestment Coalition/Jewish Community Action of Minneapolis, Minnesota and Causa Justa of Oakland California will be funded in the first year of NCRC’s National Neighbors Silver program.

The President of Atlantic Philanthropies, Gara La Marche made the first official announcement of the grantees at NCRC’s annual conference. “The National Community Reinvestment Coalition has a long history of listening to communities and helping to make change,” said Gara LaMarche. “We believe great things are possible when older adults are engaged to bring about change. We are delighted to celebrate the National Neighbors Silver grantees as they work to advocate with and on behalf of older adults across the country.”

In addition to the support of local organizers, each selected National Neighbors Silver site will engage older adult volunteers by training them in organizing and financial education strategies. These volunteers will become a part of an integral network of NNS leadership ambassadors, who will share best practices and strategies for organizing and educating their peers around issues of financial security.

“We’re confident that National Neighbors Silver will empower community organizations to address the needs of older adults at this critical time. The organizing and advocacy efforts of the groups we’ve selected will expand access to direct services and generate policy changes that will enhance the lives of older adults in communities across the country,” said John Taylor, President and CEO of NCRC.

The National Neighbors Silver initiative will fund five organizations over three funding cycles, for a total of 15 organizations. Each funding cycle for this program will last three years. For information about future funding opportunities, please contact Ed Gorman, Chief Membership and Workforce Officer at egorman@ncrc.org.

About the National Neighbors Silver Grantees:

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