Washington, D.C. – Today, in response to Federal Housing Finance Agency Director Mel Watt’s speech revealing his plans for the future of Fannie Mae and Freddie Mac, including clarifying the rules that require banks to buy back faulty home loans and the entities’ underwriting requirements, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement:
“We are encouraged that Director Watt recognizes the pivotal role Fannie Mae and Freddie Mac play in making credit available for working families and communities of color. Members of the Senate Banking Committee should take note of his plans as they prepare for Thursday’s vote on the Johnson-Crapo housing finance reform legislation. It is imperative that they oppose any bill that doesn’t provide an effective mechanism that allows all creditworthy borrowers to access affordable housing.”
About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America’s working families.