Today's Date: May 18, 2024
May and Stanley Smith Charitable Trust Partners with American Indian College Fund to Support Native Student Veterans   •   Angels Helpers NYC 2024 Charity Gala Raises Funds for Harlem School of the Arts, Highbridge Voices   •   Federal, provincial and territorial ministers gather to support culture and heritage at annual meeting   •   HERImpact: Entrepreneurship for Impact Program Kicks Off in Chicago, Empowering Women Entrepreneurs   •   Historic Bellevue House reopens   •   Red Door Community Raises more than $300,000 at Their Annual Luncheon Celebrating Women Working and Living with Cancer   •   After Launching Massive Camp Giveaway for NYC Families Affected by "Summer Rising" Crisis, Brains & Motion Education (BAM!)   •   Aramco and Spiritus to Advance Direct Air Capture Technology, Investment by Aramco Ventures   •   Upneeq® Wins 2024 Shape Skin Award, “Best for Lift”, in the Professional Treatment Category   •   WOMEN'S HEALTHCARE COMPANY WATKINS-CONTI RECEIVES FDA 510(K) CLEARANCE FOR NEW STRESS URINARY INCONTINENCE DEVICE YŌNI.FIT&   •   Avangrid to Be Acquired by Iberdrola   •   Rockwell Institute Celebrates Highest Real Estate Exam Pass Rates for First-Time Test Takers in the State of Washington   •   The AZEK Company Receives NYSE Notice Regarding Filing of Form 10-Q for the Fiscal Quarter Ended March 31, 2024   •   Energy Vault Holdings, Inc. Announces Inducement Grants Under NYSE Listing Rule 303A.08   •   Sacred Heart Celebrates 125th Anniversary   •   Dillard’s, Inc. Announces $0.25 Cash Dividend   •   Xylem Inc. Declares Second Quarter Dividend of 36 Cents per Share   •   Historic Inaugural Class Graduates from OSU College of Osteopathic Medicine at the Cherokee Nation   •   Statement by the Prime Minister on Tamil Genocide Remembrance Day   •   L.A. Care and Blue Shield of California Promise Health Plans Unveil New, Vibrant Community Resource Center in Panorama City with
Bookmark and Share

La Raza To Congress: Strengthen Latino Homeownership To Boost National Economy

 

 

 

 

Washington, DC-In a testimony before the U.S. House of Representatives Committee on Financial Services, NCLR (National Council of La Raza), the largest national Hispanic civil rights and advocacy organization in the United States, today called on Congress and the administration to strengthen the Federal Housing Administration (FHA) to stabilize the housing market and bolster the nation's weak economy.

"NCLR is deeply concerned about the lack of progress in restoring stability and ownership opportunity to the housing market," said Janis Bowdler, Deputy Director of NCLR's Wealth-Building Policy Project during the hearing. "Not only are Latino families losing their homes at record rates, many that should be able to take advantage of the newly affordable home prices are unable to access credit."

NCLR President and CEO Janet Murguía later stated, "Our families continue to be hit hard by foreclosures and unemployment. We know that working families will not recover until jobs return to their neighborhood and the housing market is stable."

With more than 700,000 Latino and Black homeowners expected to lose their homes to foreclosure this year alone, FHA cannot allow for the bleak economic climate to sidetrack its mission to provide credit in underserved communities. The financial crisis demands that hardest-hit communities receive access to credit, helping to stabilize the housing market and, in turn, boost the economy.

NCLR provided the following recommendations in its testimony to strengthen the FHA program, restore homeownership opportunities, and protect homeowners and taxpayers:

  • FHA lenders must abide by a code of ethics coupled with strong oversight and accountability mechanisms. Those that violate the code should be subject to strong penalties, including losing the privilege of originating government-backed loans.
  • Borrowers should receive incentives, such as a premium discount, for participating in pre-purchase housing counseling with a U.S. Department of Housing and Urban Development (HUD)-approved agency.
  • All FHA borrowers should have access to loss mitigation. Servicers must demonstrate that borrowers were ineligible for any of FHA's foreclosure prevention programs before filing a claim. If not, the foreclosure should be reversed and the servicer should be subject to severe consequences.

For more information, visit www.nclr.org | http://www.facebook.com/nationalcounciloflaraza | http://www.myspace.com/nclr2008 | http://twitter.com/nclr.

###

 

 



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
Breaking News
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