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Wednesday, February 11, 2015 09:27 AM

In Response to House Financial Services Hearing, NCRC Applauds FHA

Washington, DC – Today, as U.S. Department of Housing and Urban Development Secretary Julian Castro testified before the U.S. House of Representatives Committee on Financial Services in a hearing titled “The Future of Housing in America: Oversight of the Federal Housing Administration,” NCRC President and CEO John Taylor applauded recent changes to FHA mortgage insurance premiums.

“It’s clear that FHA has weathered the storm from the housing crisis, and can resume its role of creating homeownership opportunities for creditworthy families working their way up the economic ladder. Throughout its history, FHA has been instrumental in helping working families become homeowners and build wealth. The recent move to lower mortgage insurance premiums by 0.5 percentage points for FHA loans will be very helpful to hundreds of thousands families aspiring to become homeowners and the economy at large.”

“Homeownership is the single most effective means for working people to build wealth and enter the middle class. This change to FHA mortgage insurance premiums will open the door for more creditworthy families across the U.S to obtain a home via a responsible FHA loan. ”

NCRC applauded the announcement of the reduced FHA mortgage insurance premiums in January 2015.

About the National Community Reinvestment Coalition (NCRC): The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America's working families.