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Displaying items by tag: housing market

Washington, DC -- The National Community Reinvestment Coalition (NCRC) today made this statement regarding measures the Obama administration is proposing to help the ailing housing market:

"If there is a problem with the President's plan, it's that Congress must approve it. The President has put forward some very sensible proposals to ensure that the housing market does not continue to ruin prospects for a strong economic recovery, said John Taylor, President & CEO of the National Community Reinvestment Coalition. "Congress needs to work with the President to pass these proposals, so we can stem the ongoing housing crisis."

"We are concerned that the American promise of opportunity is being held hostage by political concerns. Access to an affordable home is a keystone of the American Dream, and a pillar of economic security in America. Home ownership has been, and can continue to be, a ticket into the middle class. Fixing the housing market is in all of our interest, because doing so is necessary for a strong economic recovery," said Taylor.

"The President's proposal would begin to make homeowners damaged by the crisis whole again, as will the coming multi-state mortgage settlement. Streamlined and more affordable refinancing, servicing standards, efforts to rehabilitate and turn vacant homes into rental properties, and additional protections for homeowners are all significant and needed. Other efforts are needed as well, such as mandatory participation in foreclosure prevention programs and greater principal reductions. These efforts would ensure continued progress towards a housing recovery," Taylor said.

 

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.  

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Published in Press Releases
NPR Radio | All Things Considered

After several months of investigation into the so-called robo-signing scandal, federal banking regulators have issued cease-and-desist orders to 14 of the nation's largest mortgage servicers. As a result, these firms — including Bank of America, JP Morgan Chase and Wells Fargo — will have to change the way they handle foreclosures. Listen to the archived show.

Note: The presentation is AUDIO ONLY.

 

Published in Public Engagements
(Un)affordable Housing | WGBH Radio 89.7

Over ten million cash-strapped renters are spending more than half their paycheck on rent and utilities, according to a new study from the Harvard University Joint Center For Housing Studies. At the same time that the housing market took a dive, construction on rental properties slowed, rentals became more scarce, and prices went way up. The panel discusses the study, the forces that brought us to this point, and what can be done to make housing more affordable with Chris Herbert, research director at Harvard University's Joint Center for Housing Studies, and John Taylor, president and CEO of the National Community Reinvestment Coalition.

Note: The below presentation is AUDIO ONLY.

 

Published in Public Engagements

Washington, DC -- Today federal officials and state Attorneys General reached an agreement with five major lenders to settle claims stemming from “robosigning” and other servicing abuses. John Taylor, president & CEO of the National Community Reinvestment Coalition (NCRC) made this statement:

“The settlement recognizes that all homeowners have been damaged by widespread abuses in the servicing of mortgage loans. It will be beneficial to every homeowner who receives relief, but it is not a full reparation of the harm caused to communities and to the economy. While the settlement is not the full dose of medicine this country needs to fix the foreclosure crisis, it is a much-needed treatment.

“The settlement establishes a foundation for national servicing standards that the Consumer Financial Protection Bureau can build on. Ensuring fair treatment of homeowners, and respect for the laws governing that relationship, is critically important to the future of a functional mortgage lending industry in America.

“Like many of these deals, the devil here is in the nuances of the legal terms, and the enforcement of the entire agreement. It is significant that only the parties to the agreement are releasing claims, leaving open efforts by individual homeowners and other institutions to seek additional relief on this and other issues.

“The biggest issue still facing homeowners and the economy is the refusal of Fannie Mae and Freddie Mac to write down principal balances. The mortgage settlement does nothing to address that. And while the mortgage settlement will compel the lenders involved to make significant principal reductions, it will not reach every borrower who needs one. The government must continue to use every stick and carrot at its disposal to ensure that all homeowners get the relief they deserve. This is a national economic priority.”

 

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.  

###

Dowload a PDF of press release

Published in Press Releases

Washington, DC -- The National Community Reinvestment Coalition (NCRC), the nation's preeminent advocacy group for fair lending and housing, commends President Obama's call to resuscitate the housing market expected in his annual State of the Union speech. John Taylor, NCRC President and CEO, said:

"The weakness of the market since the 2008 crash continues to weigh down the economy. President Obama is right to make this a central concern of his administration, for without a healthy housing market there can be no full economic recovery.

"The White House has told reporters, for instance, that the President plans to address a crucial problem: foreclosures. If we are unable to stop homes from losing equity or value then we are putting off any meaningful national economic recovery. The administration will use incentives and mandates to get banks and mortgage investors to refinance some homeowners' mortgages and reduce some borrowers' loan balances.

"Whatever the Administration does in the area of preventing foreclosures, it must be done on a scale that has a national and substantial impact. Previous efforts through HAMP and HARP have had neither a national nor a substantial impact. This is not a time for limited solutions that offer pyrrhic victories.

"There are some people who oppose helping overextended homeowners, many of whom face foreclosure through no fault of their own but because of layoffs. Removing the drag on the economy will benefit every voter by the jobs created, and the wealth preserved and recovered in the form of home equity. This benefit far outweighs any possible hazards.

"We hope the President continues to stick to his guns on housing during this election year. We are at a crucial juncture."

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.  

###

Dowload a PDF of press release

Published in Press Releases