NCRC surveyed 938 small business owners across nine metropolitan areas from October 23, 2020, to December 29, 2020. The purpose of the survey was to determine whether small business owners explored other options, such as lease and loan modifications to save their businesses, and if so, did they access them.
Washington, DC — Today, the National Community Reinvestment Coalition (NCRC) said that new data released by the Federal Financial Institutions Examination Council showed continued constriction of credit, particularly for low- and moderate income communities and communities of color, and significant disparities in lending by race. The volume of home lending was 7.1 million loans
New Data Shows Continued Constricted Credit, Racial Disparities in Lending Read More »
Washington, DC – On September 13, dozens of members of the National Community Reinvestment Coalition (NCRC) came to Washington DC for the White House American Economic Competitiveness Forum on Housing. At this forum, over a hundred community advocates came together with administration officials at the White House to discuss solutions to America’s housing crisis.
Local Community Organizations Convene for White House Forum on Housing Read More »
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
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
NCRC Calls For New Leadership at the Federal Housing Finance Agency Read More »
Washington, DC — Tomorrow, in honor of Older Americans month, the National Community Reinvestment Coalition (NCRC) will hold a senior services fair in Washington, DC. At this event, NCRC will provide information to older Americans about loan modifications, changes to modification programs, housing scams and fraud specifically targeting seniors. Attendees will also be provided with a
NCRC to Hold Senior Services Fair in Washington, DC Read More »
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
NCRC Lauds Passage of Responsible Banking Ordinances In NY and LA Read More »
Washington, DC — In the wake of a troubling new report from SNL Financial showing major banks pulling out from low-income areas, the National Community Reinvestment Coalition (NCRC) has called for banking regulators to investigate the trend and take action. The SNL Financial report, entitled “Banks follow the money and exit lower-income areas,” finds that
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
NCRC Files CFPB & FTC Complaints Against Adrian Cronauer of Good Morning Vietnam Fame Read More »
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,
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
CFPB Director Cordray Announces Push To Prevent Discriminatory Lending Read More »
Organizations Funded to Empower, Organize and Support Older Adults
Washington, DC — The National Community Reinvestment Coalition (NCRC) today announced five new awardees in a multi-year campaign to empower, organize and support economically vulnerable older adults. The announcement expands NCRC’s commitment to the financial well being of older Americans, following the launch in 2011 of National Neighbors Silver, a national campaign to safeguard the financial security of today’s seniors and future retirees.
“Today’s older adults are working longer and living on less. For some, retirement is but a distant dream, while others face the challenge of stretching their savings or going back to work. Seniors are often left to navigate these challenges on their own. Through National Neighbors Silver, NCRC is deepening the capacity of community-based organizations to help older adults achieve economic security, moving from ‘you’re on your own’ to ‘we’re all in it together’.” said John Taylor, President and CEO of NCRC.
NCRC Broadens Movement for Economic Security on Behalf of Older Adults Read More »
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.
NCRC Releases Report on the Impact of Foreclosure Crisis on Communities of Color Read More »
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.
Complaints Filed Against Capital One for Problematic Mortgage Servicing Read More »
Selected Grantees to Address Economic Security of Older Adults Through Organizing and Education
Washington, DC — The National Community Reinvestment Coalition (NCRC), with support from The Atlantic Philanthropies, is pleased to announce its second round of funding for National Neighbors Silver, an initiative to support and empower older adults nationwide.
As the United States suffers from historically high rates of foreclosure and unemployment, older adults across the nation are particularly susceptible to financial insecurity and instability. NCRC’s recent report about the financial stability of older Americans noted that over 13 million older Americans are economically insecure, living on only $22,000 or less each year.
“Many older Americans face new challenges in this economic environment. The sharp reduction in the value of most seniors’ primary asset — their home — means that they are now especially susceptible to financial insecurity. Through advocacy, organizing and education, National Neighbors Silver supports participating organizations to directly tackle the root causes of the unique economic challenges faced by America’s older citizens,” said John Taylor, President and CEO of NCRC.
NCRC Announces 2nd RFP for National Neighbors Silver Read More »
