NCRC Statement on Revised Proposed QRM Rule

Washington, DC – Today, in reaction to the release of a revised proposed Qualified Residential Mortgage (QRM) rule by federal regulators, NCRC President and CEO John Taylor made the following statement:

“We are pleased that federal regulators have proposed a revised Qualified Residential Mortgage (QRM) rule that removes the unnecessary downpayment requirement that was previously proposed and aligns with the Qualified Mortgage (QM) definition. The alignment between QRM and QM will help to ensure that credit is not unnecessarily constricted by QRM, and that creditworthy borrowers will have safe access to mortgage credit.”

“However, the “alternative” included in the proposed rule, which incorporates a 30 percent downpayment requirement, is completely unacceptable. Such a downpayment requirement would needlessly block many  creditworthy borrowers from becoming homeowners. The alternative that includes this downpayment requirement must be rejected.”

“As Congress is turning its attention to reforming the secondary mortgage market, it is critical that lawmakers prioritize ensuring broad access to conventional mortgage lending for qualified borrowers. GSE reform must include an affirmative obligation to provide access to conventional lending for the full spectrum of creditworthy borrowers.”

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.

Print Friendly, PDF & Email

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

Complete the form to download the full report: