“It requires all of us working together at the intersection of multiple sectors to see the kind of transformation this country needs,” said Jenn Jones, NCRC’S chief of membership and policy. “We spend a lot of time talking about the importance of engaging this November but really the work begins before November and it comes far after November. And, it starts in our communities; it starts in our neighborhoods; it starts with people.”
The importance of ensuring and strengthening the CRA was highlighted during the National Community Reinvestment Coalition’s Reinvest Philly summit.
A historical map of NYC, from NCRC shows the areas where federal agencies would provide mortgage insurance to incentivize lending to homeowners and developers, versus areas where developers didn’t receive the same incentive.
“The foreclosure crisis really started as a subprime lending crisis,” Van Tol said, referring to the extremely risky loans lenders made to borrowers with less-than-stellar credit in the lead up to the crisis. “Low-and-moderate income people and people of color were disproportionately targeted for these bad loans.”
For those who aren’t rich and white, the American dream of home ownership is too often out of reach.
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, believes the bill’s reform of the CRA is essential and that banks need to be held accountable when they loan to low-income communities and communities of color.
“This bill presents a vision for updating the Community Reinvestment Act that places the well-being of communities at the center of it,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition.
“For the average consumer, the biggest thing that has changed is it’s a lot clearer at the closing table what kind of loan you’re getting and what you can expect to pay over the life of the loan, and that’s a very good thing,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition.
Any GSE reform that abolishes or weakens affordable-housing goals will be disastrous for millennials. NCRC CEO Jesse Van Tol confirms why he believes Rep. Hensarling’s criticism of low-down-payment loans is wrong.
NCRC forecasts that changes proposed by current federal regulators to weaken the Community Reinvestment Act could result in the loss of up to $105 billion a year in home lending and small business lending to low- and moderate-income areas