The trillion dollar “Wall Street/ Main Street” discussion is back in the spotlight. Your action for equitable treatment is required.
Multi trillion dollar home loan giants Fannie Mae and Freddie Mac, Government Sponsored Enterprises (GSE), would be BANKRUPT and EXTINCT if not for the 2008 BAIL OUT and subsequent rescue by the US taxpayers as a response to the 2008 world financial crisis.
Talk is now increasing about removing the GSE conservatorship protection. Plenty of government and private organizations from the United States Congress to the Mortgage Bankers Association of America, the Independent Community Bankers of America to Moelis & Company are making proposals. This removal would let investor stockholders have access to possible profit gains and it would also remove financial responsibility from the taxpayer.
The Urban Financial Services Coalition (UFSC) is concerned that not only the stock investors and industry be given proper treatment, but that the communities of color that have lost trillions of dollars (CBS News June, 2013) in home ownership be given proper consideration.
These minority homeowners lost their homes and trillions of dollars in wealth after years of faithfully paying their obligations on time. There have been numerous recent regulatory actions and legal decisions finding many major lending institutions guilty of predatory lending to communities of color, damaging thousands of minority families. This is part of the body of evidence proving systemic institutional abuse of communities of color.
What proper “BAILOUT” loan programs exist for these abused families that want to become homeowners again? Home ownership is a critical factor to personal wealth building and community stability.
We are charging Congress, Fannie Mae, Freddie Mac and other related parties with the responsibility to provide funding and technical assistance for tangible, sustainable, integrated game changing programs (including private/ public partnerships, regional counseling, career skills retraining, targeted community enterprise development, financial literacy, home purchase grants) designed to help communities of color get back into sustainable homeownership facilitated by the GSEs and various entities of the Federal Government.
To date, there had been nothing significant produced in favor of those homeowners. We are waiting and we are watching. Communities of color are struggling.
We at the UFSC are actively discussing this need with the elected leaders of our country. We are encouraging them to deliver impactful game changing home buying programs.
We encourage YOU to contact your elected officials about this need for game changing home buying programming. We stand with the community and are working to effect productive results for financial services industry policy.
Urban Financial Services Coalition Mortgage Crisis Task Force
Walter Brown, Jr. DE
1200 G Street, NW – Suite 800
Washington, DC 20005
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