Training and Events
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Upcoming Events
- Jun 11: Supporting Inclusive Communities Through Fair Housing Planning - Chicago, IL
- Jun 12: Supporting Inclusive Communities Through Fair Housing Planning, Day 2 - Chicago, IL
- Sep 10: Supporting Inclusive Communities Through Fair Housing Planning - Charleston, SC
- Sep 11: Supporting Inclusive Communities Through Fair Housing Planning, Day 2 - Charleston, SC
News (12)
A recent Congressional Budget Office report has shown that the higher loan limits would benefit the top 5 percent of US households. Why is Congress moving the FHA program to serve borrowers at a higher income level, especially now when we know that the share of income going to high-income earners has grown and the share of income to low- and moderate-income families has actually declined...Let the market serve those with greater means; say no to higher loan limits," wrote NCRC President & CEO John Taylor in the letter.
NCRC Warns Financial Stability Oversight Council of Emerging Threat to Financial System
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NCRC Opposes Congressional Attempt to Weaken Consumer Protections
Written by administratorBOA Announces Principal Reduction Program for Military
Written by administratorBank 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 the loans instead of just adjusting the interest rate.
There is already a law designed to protect military personnel from financial stress. It bans foreclosures and reduces interest rates while they're on active duty.
What Bank of America is offering is a special program to help service members once they are no longer on active duty and no longer protected by the law.
"Without principal reduction, they may not be able to recover from that situation, and foreclosure would be their only option," says Dan Frahm, a spokesman for Bank of America. "We think principal reduction applied here puts us down a path to help them keep their home."
Initially, the program only applies to loans Bank of America owns, not the ones it services that are owned by investors.
"It's a good thing for some of the military people who qualify, but there are a lot more others who would benefit from a principal write-down," says John Taylor, president of the National Community Reinvestment Coalition. "Hopefully, this is the beginning of moving in that direction."
Frahm says the bank doesn't think principal reduction is the answer for everyone. And there are no plans to expand the program beyond those who are leaving active duty.
FED Abandons Plan to Curb Borrower Rights
Written by administratorNCRC commented on the recent Bloomberg by Carter Dougherty.
NCRC Files "Landmark" Fair Housing Complaints
An investigation by the National Community Reinvestment Coalition (NCRC) discovered that a majority of the top 50 FHA lenders have instituted policies that limit access to credit to working families in low- and moderate-income communities, and in communities of color, the very same communities that have been most harmed by the greed and malfeasance of Wall Street and the financial industry. The investigation's findings were confirmed in consultation with FHA officials, best practice discussions with industry professionals, and by NCRC's work directly with consumers and our member organizations around the country.
NCRC's investigation reveals that too many of the country's largest financial institutions are refusing to lend under the FHA loan program to consumers with credit scores between 580 and 640, despite the fact that FHA policy establishes a 100% guarantee for refinance and home purchase loans to a credit score of 580 for borrowers with a 3.5% downpayment. Our investigations shows the majority of top lenders have minimum credit score requirements of 620 or 640.
Download the PDF - FHA White Paper 12.8.10
NCRC President & Board Members Featured on Lou Dobbs
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NCRC COO Jim Carr on the Future of the Housing Market
Written by administratorIn a recent interview with the Federal Reserve Bank of Atlanta on the future of the housing market, NCRC Chief Operating Officer Jim Carr responded to questions about which housing policies would best meet the challenges presented by the foreclosure crisis. Read the full article here.
