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NAREB Applauds and Supports FHFA Efforts to Expand Homeownership for People of Color
The National Association of Real Estate Brokers (NAREB) strongly supports the Federal Housing Finance Agency’s (FHFA) proposed rule strengthening and codifying the equitable housing finance plans submitted by mortgage giants Fannie Mae and Freddie Mac and the agency’s other measures addressing racial disparities in homeownership. These plans are one of the federal government’s most effective […]
The post NAREB Applauds and Supports FHFA Efforts to Expand Homeownership for People of Color first appeared on BlackPressUSA.
The National Association of Real Estate Brokers (NAREB) strongly supports the Federal Housing Finance Agency’s (FHFA) proposed rule strengthening and codifying the equitable housing finance plans submitted by mortgage giants Fannie Mae and Freddie Mac and the agency’s other measures addressing racial disparities in homeownership. These plans are one of the federal government’s most effective methods of increasing homeownership for families of color and expanding their opportunities for affordable rental housing.
Under the proposed rule, Fannie’s and Freddie’s fair lending and fair housing functions and equitable housing finance plans become statutory requirements. Further, their operations will receive clearer and more appropriate oversight, compliance, and enforcement.
These measures are necessary to address decades of racially biased public policies and private practices aimed at preventing Blacks from becoming homeowners. From rampant redlining to exclusion from Federal Housing Administration loans and benefits of the GI Bill, the federal government is responsible for the racial wealth gap in America.
In studies, Federal Reserve Banks acknowledge that racial wealth inequality is massive.
In 2019, the median wealth for White households was $188,200, compared to $24,100 for Black and $36,100 for Hispanic households. Black homeownership is the most important driver of Black wealth. But Black homeownership dropped nearly 20% since 2008, and despite the contributions of the 1968 Fair Housing Act, over 50 years later, the racial homeownership gap has widened. In 1960, 38% of Blacks owned homes, while White homeownership was 65%, a 27-point gap. Recent data shows the gap approaching 30%.
FHFA has determined it’s time for the government to get serious about redressing the pain and suffering that the racist policies caused. This year’s plans include more powerful provisions than the previous plans created by the Government Sponsored Enterprises:
- Enhanced focus on ensuring existing borrowers receive fair loss mitigation support and outcomes through monitoring and developing strategies to close gaps
- Financial capabilities coaching to build credit and savings
- Support for locally owned modular construction facilities in communities of color
- Increased utilization of Special Purpose Credit Programs to support homeownership attainment and housing sustainability in underserved communities
All these measures and more are needed. FHFA must be applauded for leading a process committed to change, to fairness, and to equality. The agency has earned the support of NAREB and other organizations that truly care about equitable communities. We stand with FHFA and a transformation allowing all Americans to enjoy the American Dream of homeownership.
The post NAREB Applauds and Supports FHFA Efforts to Expand Homeownership for People of Color appeared first on Forward Times.
The post NAREB Applauds and Supports FHFA Efforts to Expand Homeownership for People of Color first appeared on BlackPressUSA.
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LIVE! — ASK ALMA — TUES. 5.30.23 7PM EST
This week, guest host Leah Farmer King and her panel share tips and advice to reader mail. Leah and the panel, along with the …
The post LIVE! — ASK ALMA — TUES. 5.30.23 7PM EST first appeared on BlackPressUSA.
This week, guest host Leah Farmer King and her panel share tips and advice to reader mail. Leah and the panel, along with the …
The post LIVE! — ASK ALMA — TUES. 5.30.23 7PM EST first appeared on BlackPressUSA.
#NNPA BlackPress
LIVE! — ASK ALMA! — TUES. 1.9.24 7 PM EST
HAPPY NEW YEAR! Welcome back for our first show of the year! This week, Alma and her panel answer viewer mail. As always …
The post LIVE! — ASK ALMA! — TUES. 1.9.24 7 PM EST first appeared on BlackPressUSA.
HAPPY NEW YEAR! Welcome back for our first show of the year! This week, Alma and her panel answer viewer mail. As always …
The post LIVE! — ASK ALMA! — TUES. 1.9.24 7 PM EST first appeared on BlackPressUSA.
#NNPA BlackPress
LIVE! — ASK ALMA! — TUES. 1.30.24 7PM EST
Think you’re the only one with problems? Each week, NNPA advice columnist Alma Gill, along with her panel of guest advisors …
The post LIVE! — ASK ALMA! — TUES. 1.30.24 7PM EST first appeared on BlackPressUSA.
Think you’re the only one with problems? Each week, NNPA advice columnist Alma Gill, along with her panel of guest advisors …
The post LIVE! — ASK ALMA! — TUES. 1.30.24 7PM EST first appeared on BlackPressUSA.
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