Praises HUD, Freddie Mac and Fannie Mae move to halt evictions and foreclosures as a ‘critical first step’
NHC praises FDIC and OCC extension as an ‘important first step.’
National Housing Conference calls the Community Reinvestment Act proposal a ‘missed opportunity’ to modernize a vital regulation
“There is no question that CRA needs to be modernized, but the proposed approach is the wrong way to do it. After more than a year of consideration and 1,500 comment letters, the OCC and FDIC have come up with a formula-driven approach that almost nobody in the housing community supports and is rife with millions of dollars in hidden costs and enormous unintended consequences. This is a missed opportunity,” said Dworkin.
“The administration’s changes to the False Claims Act are an important step towards reversing a decade of unintended consequences that have forced many of the nation’s best capitalized and most regulated financial institutions out of the FHA market,” said David M. Dworkin, NHC president and CEO. “A law that was meant to protect Civil War troops from lame mules and shoddy uniforms has no place in the mortgage finance system. Our regulations must protect consumers from bad mortgages, not from getting a mortgage.”
NHC filed comments on the Department of Housing and Urban Development (HUD)’s Implementation of the Fair Housing Act’s Disparate Impact Standard. In the NHC letter, David M. Dworkin, NHC’s president and CEO, stated that “The disparate impact standard is one of the most important tools for reversing discrimination outlawed by the Fair Housing Act. It is imperative that it is not watered down.”