Senate Housing Finance Proposal Threatens Access, Affordability, and Market Stability

WASHINGTON, DC (February 2, 2018) – This week, a leaked version of a housing finance proposal from U.S. Senators Bob Corker (TN) and Mark Warner (VA) emerged that would severely harm America’s housing market. Today, several civil rights and affordable housing groups issued a statement on the proposal’s negative impact on access, affordability, and market stability.

The Center for Responsible Lending, Lawyers’ Committee for Civil Rights Under Law, Leadership Conference on Civil and Human Rights, NAACP, National CAPACD, National Community Reinvestment Coalition, National Fair Housing Alliance, National Urban League, and UnidosUS (formerly National Council of La Raza), issued the following statement:

“Homeownership is the cornerstone of the American Dream.  Our nation’s housing finance system creates opportunity for millions of Americans to climb their way into a safe and stable middle class.

“We are disappointed that Senators Corker and Warner are threatening to move to a new untested system removing the safeguards that ensure a more inclusive mortgage market and broad liquidity in rural communities and communities of color, and that ensure small bank lenders can compete on equal footing with larger banks.

“Ten years after the 2008 Housing Crisis, it is disheartening to turn the secondary mortgage market back over to Wall Street and allow it to go unchecked while risking another massive taxpayer bailout.  Who can forget the 7.8 million completed home foreclosures and trillions of dollars in lost family wealth?

“Many Americans still face immense housing challenges – this ill-conceived approach places the risk on the backs of the hardworking families who already rescued the big banks.
“Thus far, this legislative proposal was developed with little to no input from civil rights groups and affordable housing advocates. All communities deserve to have their voices meaningfully included in the discussion from here on out.”

Original Article
By: cmorris
For informational purposes only. All credit goes to the original contributors.

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