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NCLR: Outline of Housing Finance Reform Bill Raises Serious Concerns for Latinos

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FOR IMMEDIATE RELEASE

Contact:

Joseph Rendeiro
(202) 776-1776
jrendeiro@nclr.org

Earlier this week, leaders from the U.S. Senate Committee on Banking, Housing and Urban Affairs reached a bipartisan agreement on a plan to overhaul the housing finance system. The committee outlined its proposed legislation, which would replace Fannie Mae and Freddie Mac with a new government-backed program known as the Federal Mortgage Insurance Corporation.

“While we are encouraged to see the Senate working in a bipartisan fashion to reform our housing finance system, the broad details of the outlined legislation raise serious concerns as to whether this plan will adequately address the ongoing problems that affect Latinos and other underserved communities within the housing market,” said Eric Rodriguez, Vice President of the Office of Research, Advocacy and Legislation at NCLR (National Council of La Raza). “Latinos have still not recovered from the housing crisis, which sent millions of homes into foreclosure and decimated our community’s wealth. In order to rebuild assets for Hispanic families, this legislation must, above all, ensure access to affordable credit for low- and middle-income families, which will help build stronger neighborhoods and support our national economy. We look forward to working with lawmakers to ensure that qualified Latinos, who are the future of the housing market, are provided every opportunity to attain the American dream of homeownership.”

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