“This is a great time for first-time homebuyers. A lot of people misunderstand and they think they need 20 percent down, but it’s really not true. You can put as little as 3.5 percent down. And it’s the down payment that is the big barrier for a lot of folks.” – David M. Dworkin
“In early 2019, the National Housing Conference (NHC) along with its coalition members submitted a letter to then-FHFA Acting Director Joseph Otting on Monday, urging the Federal Housing Finance Agency (FHFA) to continue allocations to the Capital Magnet Fund (CMF) and the National Housing Trust Fund (HTF) in 2019 and beyond.”
“If the OCC and FDIC really want to improve CRA without gutting it…extending the comment period is an important first step.” – David M. Dworkin
“It’s in the best interest of regulators to not rush modernizing CRA. It’s more important to get it right. NHC has dozens of our members working on a detailed response, along with a team from Nixon Peabody and Georgetown Law School. If the OCC and FDIC really want to improve CRA without gutting it, they need to take this comment period and the resulting feedback very seriously. Extending the comment period is an important first step.” -David M. Dworkin
“CRA modernization is overdue and needs to be done so banks and communities get the clarity and flexibility they need to ensure they have maximum positive impact. ” – David M. Dworkin
“It’s a once-in-a-generation opportunity. If modernization is done without broad support across the political spectrum, it’s just another swing of the pendulum that will cost banks hundreds of millions to retool the compliance system, and hundreds of millions more when the pendulum swings back and they have to retool again — all for what could be a much more problematic CRA regime in the first place.” – David M. Dworkin
“Using a simplistic ratio, even though they’ve made some improvements to it, is going to significantly undercut the kind of smaller, more targeted investments that communities need the most.” – David M. Dworkin
“The proposal would significantly undercut the kind of smaller, more targeted investments that communities need the most.” -David M. Dworkin
“Influential organizations spanning the political spectrum — including the National Association of Realtors, the National Association of Real Estate Brokers, the National Association of Hispanic Real Estate Professionals, the National Community Reinvestment Coalition, the National Housing Conference and the National Consumer Law Center — support the effort to end life of loan premiums. Now, with the Actuarial Report in hand, it is time for the FHA to act to end this policy.”
“In many cases, individuals earn below $10 an hour, a wage that would be a barrier for most households in Greenville to affording even the most affordable housing unit. The National Housing Conference’s Paycheck to Paycheck study indicates a household would need to earn $60,000 a year to purchase a home and about $33,000 a year to rent a two-bedroom apartment in the Greenville metro area.”
