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GSEs

NCRC Applauds Nomination of Mel Watt to Head FHFA

Washington, DC – Today, the National Community Reinvestment Coalition applauded the nomination of Representative Mel Watt to lead the Federal Housing Finance Agency (FHFA). NCRC President and CEO John Taylor made the following statement: “Mel Watt is an excellent choice to lead the FHFA. He is well qualified and sure to be a strong leader …

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NCRC Statement on CFPB Mortgage Servicing Rules

Washington, DC – Today, in reaction to the Consumer Financial Protection Bureau’s (CFPB) release of new mortgage servicing rules, NCRC President and CEO John Taylor made the following statement: “The CFPB’s new mortgage servicing rules set bright lines for mortgage servicers and help to ensure that consumers will be treated fairly and with respect. In …

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NCRC Statement on FHA’s 2012 Annual Financial Status Report

  Washington, DC– Today, NCRC President and CEO John Taylor made the following statement on FHA’s 2012 Annual Financial Status report: “After 78 years of the Federal Housing Administration (FHA) doing things right and performing well from a fiscal perspective, the recent news about its financial health must be seen in perspective. Without FHA, and …

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Coalition of Community Organizations Calls on President Obama to Recess Appoint an FHFA Director

  Washington, DC — Today, hundreds of community organizations sent a letter to President Obama calling on him to make a recess appointment to the Federal Housing Finance Agency (FHFA). FHFA is currently led by an Acting Director, Ed DeMarco, who has refused to allow Fannie Mae and Freddie Mac, which hold the majority of …

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NCRC Calls For New Leadership at the Federal Housing Finance Agency

Washington, DC — Today, in reaction to Federal Housing Finance Agency (FHFA) Acting Director Ed DeMarco’s decision not to allow Fannie Mae and Freddie Mac to use principal reduction in their loan modification programs, the National Community Reinvestment Coalition called for a change of leadership at FHFA. “DeMarco has failed in his responsibility to do …

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NCRC Lauds Passage of Responsible Banking Ordinances In NY and LA

Washington, DC — Today, the National Community Reinvestment Coalition (NCRC) applauded the passage of responsible banking ordinances in New York City and Los Angeles, and commended the Association for Neighborhood and Housing Development (ANHD), an NCRC member organization, and Los Angeles City Councilmember Richard Alarcón for their efforts advancing the initiatives. “This is a beacon …

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NCRC Files CFPB & FTC Complaints Against Adrian Cronauer of Good Morning Vietnam Fame

Washington, DC — The National Community Reinvestment Coalition (NCRC) has filed complaints with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) against Adrian Cronauer and the Cronauer Law Center. Mr. Cronauer, who is best known as the radio disc jockey who inspired Robin Williams’ character in the film Good Morning Vietnam, now …

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At NCRC Conference, Joseph Smith Jr., Franklin Raines, Marc Morial, Mark Calabria Discuss Solutions To Foreclosure Crisis, Returning Home Opportunity To America

Washington, DC — Today, at the National Community Reinvestment Coalition’s (NCRC) annual conference, a panel of top experts will discuss and debate how best to reach equitable, workable solutions to the foreclosure crisis. The plenary will feature Joseph Smith Jr., monitor for the national mortgage settlement, Franklin Raines, former Fannie Mae Chairman and CEO, Marc Morial, …

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CFPB Director Cordray Announces Push To Prevent Discriminatory Lending

Washington, DC — Today, in a keynote address at the National Community Reinvestment Coalition’s (NCRC) annual conference, Consumer Financial Protection Board (CFPB) Director Richard Cordray announced that the agency will use all available legal avenues, including disparate impact, to pursue discriminatory lenders. “We want consumers to avoid the marketplace’s silent pickpocket — discrimination,” said CFPB …

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NCRC Releases Report on the Impact of Foreclosure Crisis on Communities of Color

The Foreclosure Crisis and Its Impact on Communities of Color: Research and Solutions

Washington, DC — As the foreclosure crisis continues unabated, destroying wealth for American families and undermining the stability and vibrancy of communities, NCRC’s recent whitepaper serves as an in-depth investigation of the success and weaknesses of the major federal and private foreclosure prevention efforts. The paper also examines proposed solutions to rebuild the homeownership markets. The paper has a particular focus on the impacts of the foreclosure crisis on people and communities of color.

The report addresses three critical aspects of the foreclosure crisis:

First, the foreclosure crisis is disproportionally affecting communities of color, and continuing without any meaningful preventative intervention. The homeownership rates for communities of color are at their lowest levels in over a decade. It is expected these rates will drop even further, which would wipe out over 15 years of gains in homeownership rates for people of color. The combination of foreclosures and falling home prices has also resulted in a catastrophic loss of wealth, in particular for people and communities of color.

Second, there are several strategies and solutions that could significantly halt the foreclosure crisis, as well as repair the damage, but no policies are actively being debated by policy makers. There are no signs that the HAMP program will be significantly improved to have a greater foreclosure prevention impact and, given the current political climate, it seems unlikely that any additional funds for new foreclosure mitigation efforts will be forthcoming. Finally, many proposals to rebuild the homeownership market would actually further undermine the housing markets. 

Third, there is no national clearinghouse of information on foreclosures that is systematic, searchable, and comprehensive. A comprehensive clearinghouse of data and research would enable more effective responses to the damage that is occurring to families and communities by the foreclosure crisis. Without a central hub of information, it is also difficult to understand the long-term damage the foreclosure crisis will likely have across cities and communities.

Complaints Filed Against Capital One for Problematic Mortgage Servicing

Capital One Denied Homeowner Access to Help for Unemployed Homeowners and HAMP

Washington, DC — The National Community Reinvestment Coalition (NCRC) today announced that is has filed a complaint with the District of Columbia Government Office of Human Rights and the U.S. Department of Housing and Urban Development (HUD), alleging that Capital One has violated local and federal fair housing laws by denying an unemployed homeowner access to a program for unemployed homeowners, as well as a federal mortgage modification program.
“Where there is smoke, there is often fire. Our complaint must be fully investigated to determine if Capital One has routinely denied borrowers the best assistance available to them. Capital One’s failure to participate in mortgage modification programs is cause for serious concern. The regulators should not allow Capital One to take over ING Direct’s $41 billion mortgage portfolio without a demonstration that they are in compliance with the law, and will act to ensure customers have access to the best loan modifications,” said John Taylor, president & CEO of NCRC.

The case concerns Ms. Cembrye Ross, an attorney in the Washington, DC area, who sought help from Capital One for her mortgage when she became unemployed. Capital One did not offer Ms. Ross a sustainable modification, even though she would have qualified for help under both the DC HomeSaver Program, which helps unemployed homeowners, and the federal Home Affordable Modification Program. Capital One, which was not participating in either program, instead steered Ms. Ross to a proprietary modification that was not affordable to her. Following the filing of the complaint, NCRC was able to stay the foreclosure that Ms. Ross faced.

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 …

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Mortgage Finance Proposals Threaten to Cut Off Access for Working and Middle Class Americans

Washington, DC — John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC) today made this statement about proposals in Congress for Fannie Mae and Freddie Mac, and federal agency proposals on the Qualified Residential Mortgage (QRM): “How we address Fannie Mae and Freddie Mac, and the definition of the Qualified Residential Mortgage, will …

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Elimination of HAMP Would Only Prolong the Foreclosure Agony

Washington, DC — John Taylor, president & CEO of the National Community Reinvestment Coalition (NCRC) today made this statement about the anticipated House vote to terminate the Home Affordable Modification Program (HAMP):

“Given the fragile state of the economy, Congress and the Administration need to stop procrastinating and create proposals that actually solve the country’s financial problems, not ignore them. Congress’ decision this week to eliminate HAMP does nothing but cause further agony to the millions of hard-working families who are on the brink of losing their homes.”

“If anything, Congress should be debating how HAMP can be reengineered and improved. The Administration also needs to step up, and take a hard line to ensure that the industry meets the requirements of the program. And our government needs to stop tip-toeing around the housing crisis and start addressing it head-on with concrete, actionable solutions that lend a hand to the American people rather than providing yet another escape hatch for Wall Street.”

Eliminating Housing Programs Will Make a Bad Problem Worse

Washington, DC — John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC) today made this statement on proposals to eliminate housing programs before the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity:

“The failure of Congress to mandate foreclosure assistance programs that address the whole magnitude of the crisis is a reason to do more, instead of nothing. foreclosure familyA vacuum of leadership on foreclosures will be filled by these reckless and heartless proposals unless the Administration and the rest of Congress step up, and not continue to penny ante and punt. Only twisted thinking concludes that leaving people to fend for themselves when they are kicked out of their homes is the correct solution to our economic woes. Simply put, it will make a terrible problem even worse. The real cost of these housing programs is in the lost opportunity to expand their scope. Given the fragile state of our economy, we need proposals that solve the problem, not ignore it; if we don’t, I fear we’ll be having this same debate years from now.