Rev. Jesse Jackson, Faith Leaders Call For Congressional Action on Foreclosure Crisis, Bank Lending

               

Impact from Foreclosure Crisis Expanding, Churches Feeling the Pain As Thanksgiving Comes

Washington, DC – Dozens of faith leaders today joined Rev. Jesse Jackson, Sr., in calling for congressional action to address the foreclosure crisis and to strengthen and enforce the Community Reinvestment Act (CRA), in order to stabilize communities nationwide that have been devastated by home and job losses. The faith leaders convened for a National Emergency Faith Leadership Summit called “Turning Pain Into Power,” at the Shiloh Baptist church in Washington, DC. The National Community Reinvestment Coalition and the Rainbow PUSH Coalition organized the pre-Thanksgiving summit.

“This is the most critical civil rights issue of our time. We’ve been hit with a massive scheme to profit off of homeowners,” Rev. Jesse Jackson, Sr., founder of the Rainbow PUSH Coalition, told faith leaders. “Banks ran amok, because there was no oversight to ensure the integrity of the system. It’s time to return some integrity to the system, to help homeowners and to strengthen and enforce CRA.”

“As Thanksgiving comes around, we face the prospect of homeowners becoming homeless, of the middle class becoming the working poor,” said John Taylor, president & CEO of the National Community Reinvestment Coalition. “It’s unconscionable that we’ve let malfeasant and abusive behavior by financial institutions ruin the lives of millions of Americans. Congress has unfinished business to protect the interests of blue-collar Americans. We’re demanding that they help homeowners facing foreclosure, and we’re demanding that they expand and strengthen the Community Reinvestment Act to cover the most abusive lenders, the mortgage lenders that targeted our communities and caused the foreclosure crisis.”

“Thousands of churches are also facing financial difficulties nationwide,” said Rev. Jackson. “During the housing and credit boom, churches were expanding and lenders saw them as an easy target. Many churches were given loans to help them expand. Unfortunately, as members of the church lose their jobs and, in many cases, their homes, donations have dried up and memberships have declined, making it more difficult for the church to stay current on payments to the lender. The most solid institution in our communities is the church, but now they are in trouble.”

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About the National Community Reinvestment Coalition:

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. NCRC provides assistance to homeowners through its Housing Counseling Network at 1-800-475-NCRC.

 

About the Rainbow PUSH Coalition

The Rainbow PUSH Coalition is a progressive organization protecting, defending and expanding civil rights to improve economic and educational opportunity. The organization is headquartered at 930 E. 50th St. in Chicago. For more information about the Rainbow PUSH Coalition, please visit  http://www.rainbowpush.org/ or call (773) 373-3366

Contact:

Jesse Van Tol
National Community Reinvestment Coalition
202-464-2709, jvantol@ncrc.org 

    

     Lauren Love
     Rainbow PUSH Coalition
     248-514-2922, pressdepartment@rainbowpush.org
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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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