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NCRC Statement on FHFA Director Mel Watt’s Remarks at the Brookings Institution

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.”

 NCRC’s recent statements and policy papers on housing finance reform can be found here. A summary of NCRC’s access concerns regarding Johnson-Crapo and proposed solutions can be found here. 

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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.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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