Posts Tagged ‘homeownership’

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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.

President Obama recently gave a speech in Arizona announcing areduction in mortgage insurance premiumscharged by the Federal Housing Administration (FHA).

This much-needed policy change will save homeowners with FHA loans an average of $900 a year on their mortgage payments while making the dream of homeownership more affordable and easier to reach for many Americans, including Latinos.

Unfortunately, the key message and potential benefits to hard-working Americans were lost following the announcement.