Reinvestment Works: Summer 2011
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Foreclosure
National Neighbors | FHIP Initiatives
As part of NCRC’s mission to end discrimination and to increase fair and equal access to credit and capital for underserved communities, NCRC’s National Neighbors program conducts fair housing testing and investigation for government agencies, municipalities and other interested organizations. Fair Housing Organization Initiative Through the Fair Housing Initiative Program under a Fair Housing Organization
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NCRC Applauds Efforts to Develop Disposition Plan for Foreclosed Homes
Washington, DC — The National Community Reinvestment Coalition (NCRC) today applauded the announcement by the Obama Administration of a developing plan to put vacant and abandoned properties owned by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) back to productive use as affordable housing. John Taylor, President & CEO of NCRC, made this
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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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NCRC Opposes Capital One Deal
Calls for Federal Reserve to Hold Public Hearings and Extend Comment Period on Capital One Acquisition of ING Direct USA Washington, DC — The National Community Reinvestment Coalition (NCRC) announced today that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities
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NCRC Supports Richard Cordray to Head the Consumer Financial Protection Bureau
Washington, DC — President Obama is expected today to nominate the former Ohio state Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (CFPB). In 2010, the National Community Reinvestment Coalition (NCRC) gave Cordray its prestigious Henry B. Gonzalez Award for outstanding public service, noting that he was a “shining example for state
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White Paper: Impact of QRM on Home Opportunity in America
The Impact of the Proposed Qualified Residential Mortgage Definition on Home Opportunity in America Financial institutions will be exempt from the 5 percent risk retention requirement on certain types of mortgages, known as Qualified Residential Mortgages (QRMs). QRMs contain loan terms and practices that the regulatory agencies have determined are less likely to end up
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Twenty Percent Down-payment Sanctions Unequal & Separate Lending
Unequal & Separate Lending System Between The Rich & Everyone Else, Throws Gas On Fire Undermining American Economy Washington, DC — John Taylor, president & CEO of the National Community Reinvestment Coalition (NCRC), released this statement at a press conference with U.S. Senators Johnny Isakson, Kay Hagan, and Mary Landrieu and U.S. Congressmen John Campbell
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The Emergency Homeowners’ Loan Program (EHLP)
NCRC’s Housing Counseling Network Offers Emergency Financial Assistance to Homeowners The U.S. Department of Housing and Urban Development and NeighborWorks America recently announced the recipients of Emergency Homeowners’ Loan Program (EHLP) grant funding. NCRC and its Housing Counseling Network (HCN) affiliates will receive funding to provide support to over 1400 households in approximately 13 states.
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Restore Housing Counseling Funds to 2012 Budget
Background on Housing Counseling With estimates showing a shadow inventory that numbers in the millions, it’s clear that the foreclosure crisis is not done wreaking havoc on the housing market. It seems that the ideal outcome for families, communities, and investors alike would include avoiding as many foreclosures as possible and keeping homes occupied. A
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NCRC Opposes Increase to FHA Down-payment
Washington, DC — John Taylor, President & CEO of the National Community Reinvestment Coalition, released this statement today about the Republican proposal to raise the Federal Housing Administration (FHA) minimum loan down payment to five percent. The proposal will be discussed at a House Financial Services Subcommittee hearing today. NCRC opposes an increase in the
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QRM | Qualified Residential Mortgages
Background on Qualified Residential Mortgages The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) promoted responsible lending by requiring financial firms to retain 5 percent of the credit risk when they sell loans to investors. Leading up to the crisis, mortgage firms did not carefully underwrite loans and then sold loans to
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As Congress Skirmishes on Budget, Community Groups Gather to Call for New Leadership on Critical Economic Issues
Washington, DC — As the federal government faces a possible shutdown, local community organizations will gather in Washington, DC to call for renewed efforts to prevent foreclosures, create jobs and stabilize communities, building on model programs and efforts at the local level. Joined by its state-based member organizations, the National Community Reinvestment Coalition (NCRC) hosts its
Regulators Servicing Consent Orders
Letter to Regulators Regarding Consent Orders
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