Washington, DC – August 20, 2013 – (RealEstateRama) — Today, the National Community Reinvestment Coalition applauded remarks from Senate Majority Leader Harry Reid on GSE reform. In a recent interview that addressed GSE reform, Senator Reid expressed the need to “protect homeownership.”
“We are very glad to hear Senator Reid voice the need to protect homeownership and proceed carefully with GSE reform,” said NCRC President and CEO John Taylor. “For some time now, NCRC has been sounding the alarm that the current set of GSE reform bills would greatly compromise opportunities for working Americans to become homeowners and have access to affordable housing. Senator Reid is quite correct to suggest the need to proceed with caution and care.”
“In 2012, the GSE affordable housing goals generated $267 billion in affordable loans. The current GSE reform bills eliminate these goals, and do not replace them. There must be an affirmative obligation to serve creditworthy low- and moderate-income, minority and rural borrowers with conventional loans as part of GSE reform.”
“We look forward to legislators expanding the scope of the conversation to recognize the importance of affordability and access for all creditworthy borrowers.”
On August 6, NCRC called for the President “to make a clear stand that an obligation to provide access to conventional loans for the full spectrum of creditworthy borrowers of all incomes must be a part of GSE reform.”
In June, NCRC released an analysis of the Corker-Warner GSE reform bill and its implications for affordable housing finance.
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.