Paulina Gonzalez is the executive director of the California Reinvestment Coalition, which advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of over 300 nonprofit organizations and public agencies across the State.
Follow her on Twitter @calreinvest
A simple way to create greater access and transparency would be to require banks to publicly disclose data about which communities and homeowners are helped under a settlement. This transparency is important because while some of the most predatory mortgages were targeted to poorer neighborhoods and communities of color, the homeowners in these communities are now receiving less help to avoid foreclosure.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.