A coalition of housing, consumer protection and community development organizations yesterday called on the Trump administration to not undermine policies that help low- and moderate-income (LMI) people buy homes, and avoid changes that would make home-buying harder for millions.
In a letter to President Trump, written by the National Community Reinvestment Coalition (NCRC) and signed by 48 other organizations, the groups urged the administration to:
- End the conservatorship of mortgage agencies Fannie Mae and Freddie Mac, but protect their critical affordable housing obligations and mission.
- Make sure any changes to bank obligations under the Community Reinvestment Act remain laser-focused on how their activities benefit LMI borrowers.
- Ensure reporting requirements for all financial institutions about their mortgage lending is stronger and not weaker than it was before the financial crisis.
- Ensure that federal agencies, including the CFPB, FHFA and FHA, seek and enforce policies to improve homeownership rates for LMI and minority families, and confront the widening black homeownership and wealth gaps.
“There are numerous policy proposals from this administration across several agencies that could have a huge impact on the availability of mortgages for low- and moderate-income people and communities,” said NCRC CEO Jesse Van Tol. “We’re already in the midst of an affordable homeownership crisis. Too many people who have good incomes and credit are cut out of today’s housing market because of a lack of credit access and affordability. There is an affordable housing supply problem, yes, but there is also an access to credit problem – both must be addressed. President Trump should use all the tools at his disposable to ensure that any changes to our banking and mortgage finance systems ensure credit is flowing to the communities that need it most.”
Read the full letter: