Washington, D.C. – Today, in response to the U.S. Senate Banking Committee’s vote on the Johnson-Crapo housing finance reform legislation, the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement:
“The deeply divided committee vote is a clear signal that this bill is dead in the water, and with good reason. Significant changes are needed before it could provide the access to affordable credit guaranteed by Fannie Mae and Freddie Mac. If this bill became law in its current form, it would be a giant step backward for the working class, people of color, Millennials, and other traditionally underserved markets.”
“Our system of housing finance is the most successful one in the industrialized world. The overwhelming majority of Americans build wealth through homeownership, and this bill would make it much harder to have that opportunity. Time to go back to the drawing board and develop legislation that works for everyone.”
Last month, NCRC and over 300 community groups sent a letter to Senate Banking Committee Chairman Tim Johnson and Ranking Member Mike Crapo outlining their concerns with the access provisions in the Johnson-Crapo housing finance reform legislation. NCRC’s recent statements and policy papers on housing finance reform can be found here.
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.