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FOR IMMEDIATE RELEASE
Contact:
Joseph Rendeiro
jrendeiro@nclr.org
(202) 776-1566
Yesterday, during a speech in Phoenix, Ariz., President Obama reiterated the urgent need to pass housing reform that opens access to affordable mortgage credit for low- and moderate-income homebuyers, as well as underserved communities. NCLR (National Council of La Raza) applauds the president for continuing to push for this much-needed reform to the housing finance system and for outlining proposals that fall in line with NCLR’s principles on housing reform.
“For years, the American Dream of owning a home has continued to fall further and further out of reach as the combined economic and housing crises decimated wealth across this country and sent millions of homes into foreclosure,” said Eric Rodriguez, Vice President, Office of Research, Advocacy and Legislation, at NCLR. “While we are finally beginning to see recovery in some areas, millions of Latinos are still no better off financially today than they were five years ago. We need a housing finance system that ensures access to affordable and sustainable housing for all Americans, especially the hardest-hit communities, and we commend the president for lending his voice to this critical issue for Latinos.”
NCLR recently released a report with the Center for American Progress, “Making the Mortgage Market Work for America’s Families,” which covered current mortgage market problems and opportunities for financial reform. During his speech, the president spoke to a number of the issues covered in the report, as well as other important housing topics, including:
• His support for the 30-year fixed-rate mortgage
• His call for government to continue providing a backstop to ensure affordable credit for underserved communities
• His recognition of the value of immigration reform to all sectors of the economy, including housing
• His nomination of Mel Watt as the nation’s top housing regulator
“There is plenty of work that needs to be done to fix housing finance in this country,” added Rodriguez, “but having the president as an ally is promising. We look forward to working with his administration and with members of Congress to pass housing reform that works for all Americans.”
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