By 2021, the most popular and widely-used interest-rate benchmark, the London Interbank Offered Rate (LIBOR), will no longer exist as a benchmark for the $2 trillion in outstanding loans in the United States. In its place will most likely be the Secured Overnight Financing Rate (SOFR), which is broadly considered to be more robust and realistic than LIBOR. Nearly every borrower in the country that is paying off debt that is set based on the LIBOR will be affected by this change.
The job of massive integration seems overwhelming, but the impetus to pursue diverse neighborhoods appears to be underwhelming. The national racial divide is stark. Segregation impedes overall economic prosperity since large segments of the population are poorly educated and cannot obtain high-skilled jobs. Segregation also poisons our politics by preventing communication and thus deepening conflict […]
Undermining another Obama-era initiative, the Trump administration plans to delay enforcement of a federal housing rule that requires communities to address patterns of racial residential segregation.
In a statement, 76 community groups (including NCRC) say that the delaying the rule by one year is tantamount to repealing the rule altogether.
The U.S. Department of Housing and Urban Development (HUD) announced this week it is suspending the Affirmatively Furthering Fair Housing (AFFH) rule until 2020. The AFFH rule was passed in 2015 to provide jurisdictions with a long overdue roadmap and measurement tools to comply with the landmark Fair Housing Act (FHA).
Washington, DC – Today, in reaction to the U.S. Department of Housing and Urban Development’s (HUD) new proposed revisions to the loan-level certifications made by lenders on mortgages insured by the Federal Housing Administration (FHA), the National Community Reinvestment Coalition’s (NCRC) President and CEO John Taylor made the following statement: “The proposed revisions are a […]
Comment Letter on Proposed Revisions to Application for FHA Insured Mortgage Download the letter
Washington, DC – Today, as U.S. Department of Housing and Urban Development Secretary Julian Castro testified before the U.S. House of Representatives Committee on Financial Services in a hearing titled “The Future of Housing in America: Oversight of the Federal Housing Administration,” NCRC President and CEO John Taylor applauded recent changes to FHA mortgage insurance […]
Washington, DC – Today, in reaction to President Obama’s announcement that the Federal Housing Administration (FHA) will lower mortgage insurance premiums by 0.5 percentage points for FHA loans, NCRC President and CEO John Taylor made the following statement: “We applaud President Obama for this positive step, which will be beneficial to working families striving to […]
Washington, DC – Today, in response to the release of the Federal Housing Administration (FHA)’s annual financial status report to Congress, the National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement: “NCRC welcomes the positive news contained in FHA’s actuarial review. The review underscores the strong performance of loans issued after […]