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principal reduction

New Data Shows Continued Constricted Credit, Racial Disparities in Lending

By / / Press Releases / 3 minutes of reading

  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 […]

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Local Community Organizations Convene for White House Forum on Housing

By / / Press Releases / 3 minutes of reading

  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. 

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

By / / Press Releases / 2 minutes of reading

  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

By / / Press Releases / 2 minutes of reading

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 Applauds President Obama’s Leadership on Housing

By / / Press Releases / 2 minutes of reading

Washington, DC — Today, the National Community Reinvestment Coalition (NCRC) applauded President Obama for announcing new steps allowing homeowners to refinance FHA insured loans at lower rates, and an agreement with lenders which would provide financial restitution for veterans who were improperly foreclosed upon. NCRC President & CEO John Taylor called upon Edward DeMarco, Acting Director

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BOA Announces Principal Reduction Program for Military

By / / Press Releases / 2 minutes of reading

Bank’s Home Loan Modification Reduces Principal by Tamara Keith March 10, 2011 Listen to the Story Bank of America is announcing on Thursday a loan modification program to help military service members who are behind on their mortgages. What’s unique about the program is that the bank is offering to reduce the principal owed on

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NCRC Urges Fed To Stimulate Economy By Demanding Principal Reductions

By / / Press Releases / 4 minutes of reading

NCRC Urges Fed To Stimulate Economy By Demanding Principal Reductions On Its Loans Worth $1.1 Trillion Taylor Says Federal Government Has Power, Authority to Obtain Reductions on Majority of Mortgage Market Washington, DC – In its efforts to stimulate the economy, the Federal Reserve should demand that banks reduce the principal balances on $1.1 trillion

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