Press Releases

For interviews and other media requests, contact: media@ncrc.org

Financial Reform Cannot Happen Without Removing Monetary Incentives


NCRC Urges Committee Withstand Pressure to Remove Independent Appraisals, Sounds Concern on Rating Agencies’ Conflict of Interest But Praises Senate Vote on Homeowner Advocate in HAMP Program

Washington, DC (June 16, 2010) — Today John Taylor, CEO and President of the National Community Reinvestment Coalition, urged the conference committee to withstand pressure to remove independent appraisal requirements on mortgages in the financial reform bill and expressed disappointment with its failure to resolve the troubling conflict of interest between credit rating agencies and Wall Street. Taylor also urged inclusion of an Office of the Homeowner Advocate in HAMP to conduct loan modification appeals brought by homeowners and serve as a policy voice for homeowners.

Taylor said: “Financial reform cannot happen with removing the existing monetary incentives we have allowed the financial industry to build into financial products, including mortgages and the services rating agencies provide. We took a step backward yesterday by refusing to deal with the rating agencies’ conflict of interest. We cannot afford to take another step backwards by caving to pressure from the brokers and Realtors to remove independent appraisals on mortgages. Inflated valuations on homes helped blow the housing bubble bigger and bigger until it burst. To prevent another crisis, we need to remove the financial incentives to do more harm than good.”

Wall Street Reform Passes Senate

Senate bill weaker on consumer protections than House bill will need to get strengthened in conference committee

Washington, DC– Today, the United States Senate passed a financial reform bill . A last minute managers amendment from Senator Dodd has not been made public yet, but based on the details of the bill known earlier today, John Taylor, president and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:

The Senate has today passed a promising financial reform bill: necessary financial reforms will become law. But this legislative victory came at a great cost. More than 8 million Americans lost their livelihood, and millions are losing their homes. Families and whole neighborhoods have been torn apart. Unfortunately, this is more than lost decade for many Americans; this has been the destruction of the American Dream.

Foreclosure Prevention Gains Little Ground

Voluntary nature, rising unemployment and underwater homeowners impede progress of foreclosure prevention program

Washington, DC -Today, the Treasury Department released figures for the Home Affordable Modification Program (HAMP) through April of this year. The numbers show that roughly 300,000 borrowers have received a permanent modification under the program. Meanwhile, foreclosure filings continue at a rate above 300,000 for the 14th straight month, according to Realty Trac .

"The latest HAMP numbers continue to be underwhelming. While it’s clear that some progress has made, it’s been incremental at best. The program is positioned to help a very modest percentage of borrowers weather the storm, but not to end the foreclosure crisis. At these levels of prevention, the foreclosures will continue to gnaw away at the economy," said John Taylor, president and CEO of the National Community Reinvestment Coalition (NCRC).



Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy

Wall Street Pulling Out All the Stops to Maintain Veil of Secrecy and Avoid Accountability Brought by Financial Reform Bill

Senate bill needs to get stronger to protect consumers

Washington, DC — As the Wall Street reform debate opens in the Senate, the financial services lobby is pulling out all the stops to weaken or even kill the financial reform bill.  On a mission to fight off oversight and accountability, Wall Street banks have already poured in millions of dollars, deployed over a thousand lobbyists, including former members of congress, all in efforts to fight off the bill and guard their lofty profits. The National Community Reinvestment Coalition urged the Senate today to fight on behalf of the American people for strong reform that ensures that the financial system is fair, transparent, and accountable.

Study Shows Wall Street Pipeline Encouraged Risky, Abusive Loans


















Study of DC area loans reveals racial component to lending and foreclosure unexplained by objective underwriting criteria. 

Washington, DC – As financial reform works its way through the Senate, a new study by the National Community Reinvestment Coalition (NCRC) indicates that subprime lending and subsequent resulting foreclosures were led by the private market and contained a clear racial component not explained by objective underwriting criteria. African American and Latino borrowers were more likely to receive a subprime loan, and to go into foreclosure, than similarly situated white homeowners, controlling for credit risk and other borrower, neighborhood and loan characteristics. The Government Sponsored Enterprises (GSEs) appeared to have a moderating effect on risky and abusive lending practices; privately securitized loans went into foreclosure twice as often as loans backed by the GSEs. 

John Taylor testifies on CRA before House Financial Services Committee


“Given the massive bailouts that Wall Street and the nation’s banks received from taxpayers to correct for predatory and reckless lending, Congress should mandate that the financial services industry give back to neighborhoods and communities they harmed by modernizing and expanding the Community Reinvestment Act,” said John Taylor, president & CEO of NCRC, in testimony on Thursday, April 15th, 2010.



NCRC Commends Bank of America on Launching Principal Reduction Program

Washington, DC — In reaction to the news that Bank of America would launch a principal reduction program, John Taylor, president and CEO of the National Community Reinvestment Coalition, today made this statement: “Bank of America is to be commended for launching a program to reduce principal balances on loans that are underwater. Principal reduction …

NCRC Commends Bank of America on Launching Principal Reduction Program Read More »

Obama Administration Announces Changes to Foreclosure Prevention Programs

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.”

House Oversight and Government Reform Committee Looks at Making Home Affordable Shortfalls

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.”

The Washington DC Women’s Business Center Opens its Doors in Nation’s Capitol


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.

National Community Reinvestment Coalition Concludes Successful Conference

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:

Dodd Bill Offers Compromised Consumer Financial Protection Agency

Consumer Financial Protection Agency would be beholden to existing regulators 

Washington, DCThe financial reform proposal that will be introduced by Senator Dodd today creates a weak Consumer Financial Protection Agency (CFPA) that will not provide the consumer protection needed in the wake of the financial crisis. NCRC president & CEO, John Taylor, made the following statement relative to the consumer protections in the bill:

“Senator Dodd’s bill fails to ensure a regulatory framework that will provide strong protections for consumers. In particular, placing the CFPA at the Federal Reserve and giving existing financial regulators veto power undermines the goal of protecting consumers. This proposal gives the appearance of providing consumer protection, while leaving the real power in the hands the bank regulatory agencies that failed to protect American consumers because they were too busy listening to Wall Street.”

Current & Former Federal Reserve CAC Members Call on Senator Dodd to Not House CFPA at Fed

Current & Former Federal Reserve Consumer Advisory Council Proposes Standalone Consumer Protection Agency

Group of Experts Federal Reserve Relied on for Consumer Advice Says Strong Consumer Protection Won’t Happen Without Independent Agency

Washington, DC – Nineteen current and former members of the Federal Reserve’s Consumer Advisory Council (CAC) today sent a letter to Senator Dodd calling for a standalone Consumer Financial Protection Agency not housed at the Federal Reserve or any other banking regulatory agency. Considering the failure of the agencies, "We think it would be imprudent to give the Federal Reserve or any other existing agency primary consumer protection responsibilities," says the letter. "The Federal Reserve has its hands full with responsibilities relating to safety and soundness and monetary policy. Consumers will be served only by having the CFPA as an independent agency where the primary responsibility is consumer protection. We urge you reconsider your proposal for the CFPA to be within any other agency."

FHA Changes Offer Prudent Course Without Negative Impact On Minority Borrowers

Burden To Borrower Is Modest & Ensures Access To Responsible Credit

Washington DC — David Berenbaum, Chief Program Officer, National Community Reinvestment Coalition, issued the following statement today about the Federal Housing Administration’s changes to its mortgage program:

“The changes announced today by the FHA represent an attempt to navigate a prudent course without negatively impacting access to credit or contributing to a further slowing of the housing market in communities of color. While borrowers will bear more of the costs of the government insurance program through higher premium charges, the additional revenue will help ensure that FHA stays solvent. The burden to the individual borrower is modest and should ensure, overall, that borrowers have access to responsible credit. While some less credit worthy borrowers will need higher down payments, this is a necessary move in markets where a decline in home value can wipe out a new buyer’s equity within weeks after the settlement.  

Housing the Consumer Financial Protection Agency at the Federal Reserve Would Be a Grave Mistake

Advocates speak out about proposal to axe independent consumer protection agency

Washington, DC – Today, John Taylor, president & CEO of the National Community Reinvestment Coalition made the following statement in reaction to the news that key senators are considering housing the Consumer Financial Protection Agency at the Federal Reserve:

“The Federal Reserve is the last place an agency designed to protect consumers should be housed. It will be more waste of taxpayers’ money because we’ll have to pay for the appearance of protection without getting any."

Scroll to Top