Civil rights leaders call for accessible housing in GSE reform
Civil rights leaders concerned about the impact housing market reforms could have on consumers are meeting in Washington D.C. next week. With Fannie Mae and Freddie Mac expected to play a smaller role in the future of the mortgage market, the consumer and civil rights groups want to brainstorm some of the mechanisms that should be deployed in the housing system to keep it accessible to all home buyers. The House subcommittee on capital markets and the government-sponsored enterprises heard testimony Wednesday on plans to revamp the housing finance system. Many of those plans proposed the end of Fannie Mae and Freddie Mac. A U.S. Treasury report outlining reforms for the government-sponsored enterprises, Fannie and Freddie, is expected Friday. Representatives from the National Council of La Raza, the NAACP, the Center for Responsible Lending, the National Fair Housing Alliance, the National Coalition for Asian Pacific American Community Development and the National Urban League will be leading the forum. “In improving our national mortgage lending system, we must ensure that all types of home loans are available to creditworthy families, no matter where they live or with whom they bank,” said Janet Murguía, president and CEO of the National Council of La Raza. Murguía added, "The debate on housing finance reform presents a new opportunity to correct a flawed housing market that allowed too many families to fall prey to predatory and unscrupulous lenders." Write to Kerri Panchuk.