A Guarantee for the Guarantee: Two Proposals to Ensure that the Future Secondary Mortgage Market Serves All Creditworthy Borrowers

Washington, DC – Today, the National Community Reinvestment Coalition released a new white paper, “A Guarantee for the Guarantee: Two Proposals to Ensure that the Future Secondary Mortgage Market Serves All Creditworthy Borrowers.” The paper introduces two policy proposals designed to promote access and ensure that the future secondary mortgage market serves all creditworthy borrowers […]

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Issue Brief: An Analysis of the Corker-Warner GSE Reform Bill and Its Implications for Affordable Housing Finance

On June 25, 2013, Senators Bob Corker (R-TN) and Mark Warner (D-VA) introduced “The GSE Reform Act of 2013.” A bipartisan group of five senators co-sponsored the bill, including Senators Heidi Heitkamp (D-ND), Dean Heller (R-NV), Mike Johanns (R-NB), Jerry Moran (R-KS), and Jon Tester (D-MT). Unfortunately, the Corker-Warner legislation is problematic and raises significant […]

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Capital One / HSBC Credit Card Unit Acquisition

Background on Capital One Acquisition of HSBC Credit Card Unit Join the National Community Reinvestment Coalition and our members and allies across the country in requesting that the Office of the Comptroller of the Currency extend the comment period and hold hearings on the Capital One Financial Corporation’s proposal to acquire HSBC’s credit card unit. […]

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Capital One / ING Direct Acquisition Fact Sheets

Background on Capital One / ING Acquisition The National Community Reinvestment Coalition (NCRC) announced that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities and the economy. The deal would make Capital One the fifth largest bank in the United States. […]

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Capital One / ING Direct Acquisition

Background on Capital One / ING Acquisition The National Community Reinvestment Coalition (NCRC) announced that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities and the economy. The deal would make Capital One the fifth largest bank in the United States. […]

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Financial Reform Cannot Happen Without Removing Monetary Incentives

CONFERENCE WATCH:

NCRC Urges Committee Withstand Pressure to Remove Independent Appraisals, Sounds Concern on Rating Agencies’ Conflict of Interest But Praises Senate Vote on Homeowner Advocate in HAMP Program

Washington, DC (June 16, 2010) — Today John Taylor, CEO and President of the National Community Reinvestment Coalition, urged the conference committee to withstand pressure to remove independent appraisal requirements on mortgages in the financial reform bill and expressed disappointment with its failure to resolve the troubling conflict of interest between credit rating agencies and Wall Street. Taylor also urged inclusion of an Office of the Homeowner Advocate in HAMP to conduct loan modification appeals brought by homeowners and serve as a policy voice for homeowners.

Taylor said: “Financial reform cannot happen with removing the existing monetary incentives we have allowed the financial industry to build into financial products, including mortgages and the services rating agencies provide. We took a step backward yesterday by refusing to deal with the rating agencies’ conflict of interest. We cannot afford to take another step backwards by caving to pressure from the brokers and Realtors to remove independent appraisals on mortgages. Inflated valuations on homes helped blow the housing bubble bigger and bigger until it burst. To prevent another crisis, we need to remove the financial incentives to do more harm than good.”

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Wall Street Reform Passes Senate

Senate bill weaker on consumer protections than House bill will need to get strengthened in conference committee

Washington, DC– Today, the United States Senate passed a financial reform bill . A last minute managers amendment from Senator Dodd has not been made public yet, but based on the details of the bill known earlier today, John Taylor, president and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:

The Senate has today passed a promising financial reform bill: necessary financial reforms will become law. But this legislative victory came at a great cost. More than 8 million Americans lost their livelihood, and millions are losing their homes. Families and whole neighborhoods have been torn apart. Unfortunately, this is more than lost decade for many Americans; this has been the destruction of the American Dream.

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