REDEEM THE HOMEOWNERSHIP DREAM: LEGISLATIVE MANEUVERING SEEKS TO ERODE AFRICAN AMERICAN WEALTH CREATION -- Statement by the National Association of Real Estate Brokers (NAREB) -- Denver, CO (BlackNews) -- As the National Association of Real Estate Brokers concludes its 66th Annual Conference held in Denver, Colorado; we commend President Obama for actively engaging in the discussion on the future of homeownership and reform of the mortgage industry to eliminate predators seeking to take advantage of those who may be socially or economically challenged. The NAREB national conference hosted nearly 2,000 African American real estate professionals from all segments of the industry to discuss and debate the current economic trends and tools available to assist Black families, both urban and rural, to realize the American dream of homeownership. Central to our mission has always been to be active participants in the civic and legislative process. Further, we welcome President Obama’s speech, yesterday, and the online town hall today supporting middle-class families; but it is critical that the White House, the Treasury Department, as well as Capitol Hill lawmakers understand that some provisions of the Corker - Warner legislation will make it virtually impossible for many in the middle - class, and particularly, people of color to purchase homes in the future. In fact, none of the legislation under consideration will assure that there will be low-cost, mortgage financing available for families and individuals that have good credit histories, stable income and want to buy homes. America needs a fair housing finance system that can spur a robust recovery for housing, as well as the overall economy. NAREB pledges to fight any legislative initiative that seeks to eliminate or cripple Fannie Mae, Freddie Mac or the Federal Home Loan Bank system. Going forward, our nation’s housing financing system must balance the needs of families with the needs of Big Banks and Wall Street. To be frank, the pending legislation fails to prioritize the needs of working families. Since the housing market crash in 2007, measures have focused on restoring Wall Street and the Big Banks, with not enough attention on Main Street and the homeowners facing foreclosures. By raising interest rates, insurance premiums and down payments, the pending legislation will construct more roadblocks for working families. These measures will represent more failed public policy. Our communities need a finance system that provides credit to a broad and diverse population; without this broad access to credit, neither buyers nor sellers can transact business as they would like, which could once again destabilize home values and our communities. It is critical that the government not withdraw from supporting homeownership. There needs to be sustained public-private partnerships that can provide liquidity for lenders and support the 30-year-fixed rate mortgage, a product that has played a major role in supporting homeownership for America’s families and serves as the catalyst for wealth creation in the African American and other minority communities. The National Association of Real Estate Brokers (NAREB) was formed in 1947 out of a need to secure the right to equal housing opportunities regardless of race, creed, or color. Since its inception, NAREB has instigated, participated in, or actively supported legislative initiatives and legal challenges to ensure fair housing for all Americans and access to business opportunity for minority real estate professionals. Today, NAREB has more than 90 chapters located nationwide. nareb.
Posted on: Sat, 10 Aug 2013 06:08:40 +0000
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