CRA Bill Getting a Hearing
Posted by Matthew Brian Hersh on March 11, 2010
Dion Spencer, NCRC’s director of legislation and regulatory policy just announced that a new Consumer Reinvestment Act bill will be heard by the House Financial Services Committee, citing information from Rep. Luis Gutierrez (D-Ill.). Spencer said that Gutierrez would sponsor new legislation to be heard in the committee as well.
The bill would “give some teeth” to the current HR 1479, sponsored by Rep. Eddie Bernice Johnson (D-Texas), Spencer said, encouraging the crowd here at the NCRC 2010 National Convention to call their legislators.
NCRC’s John Taylor wrote a piece in the most recent issue of Shelterforce urging the passage of a CRA modernization bill.
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Trasviña Hints at a Fairer Housing Act; Principal Reduction in Store?
Posted by Matthew Brian Hersh on March 11, 2010
John Trasvina, HUD Assistant Secretary for Fair Housing and Equal Opportunity, emphasized HUD and Treasurys central role the federal response to the housing crisis, this morning, as well as hinting at further tacks taken by the administration as it continues to address a crisis with as yet elusive solutions
Trasvina offered his remarks to roughly 250 housing advocates at the National Community Reinvestments Coalitions 2010 National Convention, taking place this week in Washington, DC., while echoing an agency-wide message of reviving the agencys relevance. “Its my job to make sure the office relevant in 2010 and to the needs and concerns of people across the country,” he said.
Specifically, the assistant secretary pointed to the 1968 passage of the Fair Housing Act following the assassination of Dr. Martin Luther King, Jr., suggesting that the Act was not only necessary policy, but one that promoted national solidarity. “We have to make sure we are accessible to everyone, and we have to be a gateway to those who are marginalized.”
Part of that access is making the Fair Housing Act “relevant to the 21st century,” including for members of the lesbian, gay, bisexual, and transgender community. Congress has begun what is expected to a be series of hearings on the Fair Housing Act that will consider whether changes to the law are necessary, as well as considering an expansion of the law to include LGBT people. After ENDA, expansion of the Fair Housing Act would only be the second effort of Congress to include the LGBT community in the countrys civil rights laws.
“People are hiding behind their identies to buy a house,” Trasvina said, adding that HUD is currently conducting a housing discrimination study—conducted once every 10 years.
Principal Reduction?
Trasvina also gave a glimpse of more action taken by HUD and Treasury in responding to the foreclosure crisis. In response to a question posed by Phyllis Salowe-Kaye of New Jersey Citizen Action about the administrations recently announced short-sale program within Making Home Affordable, where the servicing bank receives a subsidy to assist a family in danger of foreclosure with relocation assistance, Trasvina appeared to suggest the administration is considering encouraging banks to engage in mortgage principal reduction—a move long supported by housing advocates, despite a cool response from the administration so far.
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NCRC’s Keys From the Crisis Initiative
Posted by Matthew Brian Hersh on March 11, 2010
Stories and pictures of the Great Depression were what finally got people to mobilize into action in the 30s, and NCRC is taking a similar approach to the foreclosure crisis, said Ed Gorman, NCRC’s chief membership and workforce officer. “A home saved is what we’re trying to get done.” The initiative is an interesting concept that tries to establish a visual element that tells a story, visually represents the families impacted, and illustrates the foreclosure crisis.
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Day 2 at NCRC’s 2010 National Convention
Posted by Matthew Brian Hersh on March 11, 2010
It’s the second full day of the National Community Reinvestment Coalition’s 2010 National Conference and people are already assembling to hear morning remarks offered by John Trasvia, HUD’s assistant secretary for Fair Housing & Equal Opportunity. Trasvia was a last minute addition to today’s lineup, which includes luncheon keynote speaker Sen. Al Franken (D-Minn.) and myriad panels addressing issues like sustainable jobs, the affordable homeownership market, powering LMI economies, the future of Fannie, Freddie, Ginnie, and FHLBs.
Stay tuned throughout the say for updates, as well as live updates on Facebook and Twitter (Shelterforce).
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Going Where the Big Boats Are
Posted by Matthew Brian Hersh on March 10, 2010
U.S. Rep. Elijah Cummings (D-Md.) went a bit off script today at that NCRC 2010 National Conference when, after a emphasizing responsive, empathetic government promoting an agenda around social justice, he became more reflective, first recalling his own rental eviction as a college undergrad, and then tacking toward a more uplifting message, using his native Baltimore’s Inner Harbor as background.
The seven term Democrat recalled an address made by the Rev. Jesse Jackson, who urged his audience to go “where the big boats are.”
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Getting Through the Storm
Posted by Matthew Brian Hersh on March 10, 2010
U.S. Rep. Elijah E. Cummings, (D-Md.) offered a sobering, but empowering assessment of the state of the U.S. economy and the impact on families and neighborhood throughout the ongoing housing and employment crises. Cummings’ remarks preceded the luncheon remarks from HUD Assistant Secretary Mercedes Marquez on this first day of the NCRC 2010 National Conference:
“This is America: we’ll get through the storm. But when the storm is over, who will be living in your house? Who will have your job?”
“The little people didn’t cause this problem,” the Maryland Democrat said, “the big folks did, and a log of people got a chunk of change” as a result. Cummings then pointed to culture of “fraud, greed, and dishonesty” in the financial system. His address, rooted in housing and community development, took a wider turn toward a government’s role in advancing social justice, including health care reform, asking the the roomful of advocates and practitioners to push Congress. “It’s not enough to know policy. We need empathy.”
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Live Blogging From NCRC 2010 Conference
Posted by Rooflines on March 10, 2010
Rooflines will be live blogging from the National Community Reinvestment Coalition’s 2010 National Conference beginning Wednesday, March 10. Join us here at Rooflines as we cover this important annual event that features a host of panels on topics that include financial protection, financial investment in your neighborhoods, strategies to influence elected officials, understanding refinance and mortgage modification, green jobs, and much, much more. In addition to many noted figures in the community development field, the list of featured speakers includes Sen. Al Franken (D-Minn.), who will offer the keynote at Thursday’s Congressional Luncheon.
Stay tuned!
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Join Shelterforce, NHI, and Rooflines on Facebook!
Posted by Rooflines on March 9, 2010
Do you dabble around on Facebook? Of course you do! So why not become a fan of the National Housing Institute for a streamlined, up-to-the-minute source of news, opinion, and resources from the go-to source for housing and community development?
Here, you’ll have access to not only NHI’s signature publication, Shelterforce, but also access to events, industry news, and news around the country featured on the NHI home page, NHI.org, and, of course, links to thoughtful analysis found at Rooflines, the blog of the National Housing Institute.
So click here to become a “fan” and join our Facebook community!
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The Administration’s Short-Sale Program
Posted by Matthew Brian Hersh on March 8, 2010
The New York Times is reporting a new tack taken by the Obama administration to address the foreclosure crisis, this time acknowledging that some homeowners need to simply get out of their mortgage by way of a short sale, where a property is sold for less than the mortgage balance.
This new maneuver comes just a week after President Obama headed to Nevada to promote the $1.5 billion, Help for the Hardest Hit Housing Markets program that hones in on five states hit hardest by the housing bustNevada, Florida, Michigan, Arizona, and Californiaand works with state and local housing finance agencies to increase their capacity in addressing areas that have seen a 20 percent drop in home prices since their peak.
But with this short-sale initiative, the administration is taken arguably its most aggressive step in trying to address the housing crisis—a crisis where solutions have been elusive to say the least.
The Times reports that under the short-sale program,
“the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in relocation assistance.”
Ideally, the program will allow the servicers to get more money than they would with a foreclosure, and for the borrower, the ability to short-sale could limit credit damage than damage incurred when defaulting on a loan. The Times also notes that it could also benefit communities, limiting the number of vacant properties in line to be sold by banks.
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Redefining Detroit
Posted by Matthew Brian Hersh on March 4, 2010
A Detroit-based community development trade association, The Community Development Advocates of Detroit, has released a report that, among other proposals, suggests that certain residential areas be transformed into “green venture zones,” “naturescapes,” and “green thoroughfares,” in addition to commercial hubs, and traditional residential sectors.
The report, Neighborhood Revitalization Strategic Framework comprises a number of neighborhood revitalization recommendations and “is the work of a unique, multi-sector collaborative representing over 85 community development organizations, government, funding institutions, businesses, educational institutions, and city-wide and regional nonprofit organizations,” according to a CDAD press release
With more than 30 percent of the city’s 139 square miles vacant, the idea of handling what are not only long-term, but permanent changes to Detroit’s physical and socioeconomic makeup, has long been on the radar of city government, CBOs, and local planners. Early last year, Dan Pitera, a Dan Pitera, a professor of architecture at University of Detroit Mercy, assembled a map that illustrates how to fit the land mass of Manhattan, San Francisco, and Boston and their combined populations into Detroit—roughly 3 million people.
According to Tim Thorland, chairman of the CDAD board:
“It is only when we understand the conditions and strategies necessary for the entire city, that we can begin to make decisions about specific neighborhoods. Furthermore, we cant simply ignore areas of the City without understanding what their new purpose might be. We must determine what entity should own and manage that land. Otherwise crime, environmental dumping and other negative factors will surely result.”
National Housing Institute
