Rights Leaders Take Aim At Frannie And Freddie

WASHINGTON, DC – As the Obama administration and Congress begin the debate on the future of Fannie Mae and Freddie Mac, national civil rights leaders will convene a forum on Feb. 16 to unveil core principles for ensuring that a reformed housing finance system works fairly and effectively for communities of color, and for all Americans.

The sponsoring organizations—including the National Council of La Raza, the National Fair Housing Alliance, the Center for Responsible Lending and The Opportunity Agenda—seek a reformed secondary mortgage market that serves all borrowers in a fair and effective manner.

“Ensuring that all Americans have the same opportunities to build a nest egg and provide a home for their children is critical to our nation’s economic recovery,” said Janet Murguía, president and CEO of the National Council of La Raza (NCLR), which will host the forum. “The debate on housing finance reform presents a new opportunity to correct a flawed housing market that allowed too many families to fall prey to predatory and unscrupulous lenders.

“In improving our national mortgage lending system, we must ensure that all types of home loans are available to creditworthy families, no matter where they live or with whom they bank,” she said.

Following is a schedule of events:

10:30–11:30 a.m.: Civil rights leaders discuss what is needed to keep capital flowing to all communities.
• Janet Murguía, National Council of La Raza
• Shanna Smith, National Fair Housing Alliance
• Hilary Shelton, NAACP
• Marc Morial, National Urban League
• Lisa Hasegawa, National Coalition for Asian Pacific American Community Development
12:00-12:30 p.m.: Keynote
• Alden McDonald, Jr., Liberty Bank
12:30-1:30 p.m.: Key stakeholders discuss perspectives on fair delivery of home loans.
• Martin Eakes, Center for Responsible Lending/Self-Help
• Ellen Seidman, formerly with the Office of Thrift Supervision
• Paul Leonard, The Financial Services Roundtable
• Michael Grant, National Bankers Association