Dept. of Housing and Urban Development Makes Progress for Latino Families
In his first congressional hearing since being confirmed last summer, Julián Castro, Secretary of Housing and Urban Development, testified before the House Financial Services Committee today on his agency’s progress and accomplishments.
This hearing couldn’t come at a more critical time, given that Latino families are still struggling to rebuild the wealth they lost during the Great Recession.
Though an economic recovery is now under way, Latinos are not necessarily seeing improved outcomes in access to mortgage credit.
Just last year, Hispanic home-buyers made up only 6 percent of the conventional mortgage market, despite comprising 17 percent of the population.
Latino Families Benefit from Strong Leadership at FHFA
Over the past year, the Federal Housing Finance Agency (FHFA) has taken significant steps to improve America’s housing market for struggling homeowners, prospective homebuyers, and those suffering from foreclosure.
Yesterday, FHFA Director Mel Watt testified before the House Financial Services Committee to highlight how the agency’s actions have helped homeowners since his confirmation about a year ago.
Just last month, NCLR applauded Director Watt’s decision to fund two essential affordable housing programs: the National Housing Trust Fund and the Capital Magnet Fund.
In the wake of a housing crisis that cost more than one million Latino families their homes due to foreclosure, our nation is in desperate need of increased affordable housing stock.
Funded with just one-twentieth of a percentage point of Fannie Mae and Freddie Mac’s business purchases, at least $400 million is expected to become available for these programs annually.
Winter 2015 Latinomics: Are Mortgage Servicers Following the Rules?
NCLR began the New Year by releasing a report, co-authored with the National Housing Resource Center, which included findings on how mortgage servicers, the companies that process mortgage payments, continue to ignore crucial homeowner protections.
As 2015 began, we saw improvements to the nation’s economy and highlighted benefits for workers resulting from President Obama’s announcement of executive actions on immigration benefiting millions of families.
From increased funds for affordable housing to slowly falling Latino unemployment, we found much to celebrate.
Thanks for all your support. Read on to see what’s new in Latinomics!