Today's Date: August 12, 2022
Daqo New Energy Issues Its 2021 Environmental, Social and Governance (ESG) Report   •   Test Release special characters in the headline © ® ™ é ñ ü ç î ò   •   Stanford Student Tiffany Chang Wins Miss Taiwanese American Pageant by Redefining STEM with Spectacular Homemade Robot for Her T   •   Mogul Launches Nationwide Campaign Called “Build Better Boards” to Champion More Diverse Boards   •   Mogul Launches Nationwide Campaign Called “Build Better Boards” to Champion More Diverse Boards   •   USA Cares Receives Grant Award from Disabled Veterans National Foundation   •   “What I Want to Know with Kevin P. Chavous” Podcast Launches Third Season in Search of Answers to Education’s   •   Test Release special characters in the headline © ® ™ é ñ ü ç î ò   •   SUSAN G. KOMEN® SHARES TIPS TO LIVE A HEALTHIER LIFESTYLE   •   Poll: Over Half of Voters of Color Oppose Government Negotiation of Drug Prices Once They Learn About Consequences for Patients   •   Accessibility Standards Canada signs Memorandum of Understanding with the Government of Saskatchewan to coordinate accessibility   •   LIBERTY Dental Plan of New York Awards 12 Scholarships in Partnership with PENCIL   •   Casa de Amparo, TrueCare and Lennar Announce the Grand Opening of the TrueCare & Lennar Foundation Health Center at Casa de   •   Greenwood and Travis Hunter Sign NIL Deal and Partner to Launch the “Choose Black” Campaign   •   Treehouse Takes Bold Step to End Foster Care-to-Prison Pipeline   •   Good.Lab Releases ESG Materiality Assessment Software Tool   •   Canada and Fisher River Cree Nation partner to launch the Red Turtle Lodge Cultural Centre   •   LIBERTY Dental Plan of New York Awards 12 Scholarships in Partnership with PENCIL   •   Minto Group releases 2021 Environmental, Social, and Governance Report   •   Greenwood and Travis Hunter Sign NIL Deal and Partner to Launch the “Choose Black” Campaign

Notice: Undefined index: currentSection in /home/blackradionetwork/public_html/page.php on line 176
Bookmark and Share

Black Lawmaker Criticizes "Bridge Loan" Repeal

WASHINGTON  – Maryland Congressman Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, just issued a statement, regarding Republican efforts to repeal the Emergency Homeowner Loan Assistance or “bridge loan” program in the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in 2010.

 

The “bridge loan” program, authored by Cummings, offers up to $50,000 interest-free for as long as 24 months; assisting borrowers who have lost their jobs through no fault of their own, who are underemployed or who face debilitating medical bills.

 

“Republicans have not submitted a single proposal this year to stem the tide of foreclosures or assist responsible homeowners who are struggling to keep a roof over their heads,” said Cummings. “The complexity of the foreclosure crisis requires a comprehensive approach. This is a small, targeted program that utilizes experienced, state and local regulators and housing counselors who are equipped to ensure that those who benefit from this program receive the necessary support and education to be able to repay the loan they receive and resume paying their mortgage upon expiration of the program.

 

“The program costs taxpayers nothing and provides a significant benefit, preventing foreclosures which otherwise will further depress property values of neighboring homes and communities. I am aghast at the idea that Republicans would seek to destroy this program. It is a chance for all of us to come together to provide a shelter from the storm for those who need it so badly.”

 

Republican Financial Services Committee Chairman Spencer Bachus announced last week that Committee would consider legislation next week to eliminate the bridge loan program, calling it a failure.

 

“Calling this program a failure is unjustifiable,” said Cummings. “It has only been in existence for a few months, with states still in the planning stages, making that label entirely inappropriate. Rather than creating jobs for Americans, helping families out of foreclosure and rebuilding the middle class, my colleagues across the aisle seem interested only in destroying the progress made last year. I know in my heart that we can do better.” 


STORY TAGS: Black News, African American News, Minority News, Civil Rights News, Discrimination, Racism, Racial Equality, Bias, Equality, Afro American News



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News