Could new bill jeopardize Black home ownership?

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(Special to the NNPA from The Final Call)

A proposed bill could potentially impact two federal programs geared toward home ownership.

According to the Reverse Mortgage Daily, the new housing reform bill would scale down and eliminate the Government Sponsored Enterprises (GSEs) known as Freddie Mac and Fannie Mae, the lending programs which helped boost the percentage of Black home ownership.

The new bill would end the affordable housing goals of both programs and would be replaced with a new agency the Federal Mortgage Insurance Corporation, a government re-insurer, Marc Morial, President and CEO of the National Urban league explained to The Final Call.

The Housing Finance Reform and Taxpayer Act of 2013 (S-1217) or the Johnson-Crapo bill, as it is also known was voted out of the Senate Committee on Banking and Urban Affairs, May 15 by a bipartisan vote of 13 for 9 against.

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