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FOR IMMEDIATE RELEASE Contact:
April 11, 2013 Camila Gallardo
(305) 573-7329 (office)
(305) 215-4259 (cell)
cgallardo@nclr.org
NCLR, NAACP and Del Norte Neighborhood Development Corporation urge legislators to put homeowners first and pass HB 13-1249
DENVER, COLO.—Today, NCLR (National Council of La Raza), the NAACP and Del Norte Neighborhood Development Corporation, along with other community and civil rights activists, held a press conference at the State Capitol in Denver to press for approval of a measure to help struggling homeowners. HB 13-1249, the “Colorado Housing Stabilization and Mortgage Accountability Act,” would require banks to determine whether homeowners qualify for loan modifications prior to starting foreclosure proceedings. New provisions would also provide homeowners with the ability to challenge financial institutions to prove debt owed.
"Many Latino and Black families in Colorado have been devastated by the housing crisis, and many were disproportionately targeted by predatory lenders. While the housing market is undergoing a slow recovery, a significant number of Latino and Black families still struggle to make mortgage payments and have met resistance when trying to modify their loans or even obtain temporary relief from foreclosures. HB 13-1249 is an important step in the right direction and will put in place critical safeguards that will help keep people in their homes.” said Jesus Altamirano, Regional Field Coordinator, Colorado, NCLR.
While foreclosure rates have declined in Colorado, many families still struggle to find solutions that allow them to stay in their homes.
“While we are encouraged that foreclosures have stemmed off pretty significantly in the past year or so, we want to ensure that homeowners’ rights are being protected and that we are moving toward a place where predatory lending is a thing of the past. Roughly half of the families we’ve helped maneuver through the loan modification process have been successful in modifying their loans; we’d like to see that number rise,” said Maria Melgoza, Homeownership Counselor, Del Norte.
Predatory lending played a key role in the housing meltdown. The proposal before the state legislature would add another layer of protection for consumers.
"Because Colorado has some of the most lax foreclosure laws in the country, financial institutions have been able to act like vultures picking clean the bones of homeowners caught in the sub-prime mortgage scheme. House Bill 13-1249 will go a long way toward helping to protect the homeowners who have not yet succumbed to this scheme. The NAACP applauds the Colorado Legislature for taking up this important legislation, which will help to stabilize Colorado's housing market and the lives of so many Black and Latino families," said James Johnson, State Conference Political Action Director, NAACP.
For further information or questions, or to schedule an interview, contact Camila Gallardo, Associate Director, Communications, NCLR, at cgallardo@nclr.org or (305) 215-4259.
NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.
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