- Marc Morial, President and CEO of the National Urban League, today applauded Congress, and the Congressional Black Caucus in particular, for providing resources in legislation to address the severe housing crisis that disproportionately impacts the African-American community. This landmark legislation, the “American Housing Rescue and Foreclosure Prevention Act of 2008,” is currently under consideration by the full House of Representatives.
“The National Urban League applauds the Chairman of the Financial Services Committee, Rep. Barney Frank; the Chairwoman of the Subcommittee on Housing and Community Opportunity, Rep. Maxine Waters; the Chair of the Congressional Black Caucus, Rep. Carolyn Cheeks Kilpatrick; Chairman of the House Ways and Means Committee, Rep. Charles Rangel; and the entire Congressional Black Caucus for their extraordinary leadership in crafting landmark legislation addressing the national housing crisis,” Morial said. “These congressional leaders have ensured that the American Housing Rescue and Foreclosure Prevention of Act 2008 not only addresses the larger problems of industry giants like Fannie Mae and Freddie Mac, but also specifically targets urban, low-income and minority communities and homeowners who have been affected by unscrupulous sub-prime and predatory loans.”
According to the National Urban League 2008 State of Black America Report, blacks hold nearly five times more installment debt than whites, and the median net worth for African Americans is $11,800, versus $118,300 for whites.
The National Urban League has been in the housing counseling business for over 40 years and currently serves over 40,000 homeowners per year. Because housing counseling plays a key role in increasing financial awareness and closing the wealth gap between minority and non-minority households, Mr. Morial has recommended an expansion of housing counseling and financial literacy services in an effort to improve the financial situation for minorities with respect to securing home ownership, maintaining good credit and attaining monetary savings.
