NCRC Reacts to FHA Announcement About Changes to Distressed Asset Stabilization Program


WASHINGTON, D.C. – April 27, 2015 – (RealEstateRama) — “We applaud the FHA for taking these significant steps to improve homeownership opportunities in neighborhoods hard hit by the foreclosure crisis. NCRC and its member organizations have advocated to the FHA for improving the number and quality of Neighborhood Stabilization Outcome (NSO) targeted loan pools. We’re pleased that the FHA listened to these concerns and adopted several of our key recommendations.

While we still remain concerned that some sales may result in foreclosures or purchases by Wall Street businesses, we look forward to working with the FHA to stabilize neighborhoods and keep more people in their homes. We urge the FHFA to consider similar measures in their guidance on non-performing loan sales.”

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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