African American News

"Congressional Black Caucus to Examine Home Mortgage Disclosure Act (HMDA) at Congressional Hearing"

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WASHINGTON, D.C. - The housing market has experienced a stratospheric boom in the past decade, but how have people of color, particularly African Americans fared? How pervasive are lending disparities in the mortgage industry? Do minorities, women and low- and moderate-income borrowers receive a disproportionate amount of subprime loans relative to prime loans? These questions and others will be addressed at a Congressional Black Caucus hearing on Capitol Hill that will examine what implication the preliminary Home Mortgage Disclosure Act (HMDA) data has on people of color. The hearing is scheduled for Monday, June 27 at 4:00 p.m. in room 2212 Rayburn House Office Building.

HMDA, enacted by Congress in 1975, was created to detect lending discrimination by requiring the collection and disclosure of data on mortgage applications, originations and purchases, and applicant and borrower characteristics.

Hearing panelists include: Valerie Coffin, National Fair Housing Director, ACORN; Martin Eakes, Board Member, Center for Responsible Lending; Irvin Henderson, Board Member, National Community Reinvestment Coalition; and Dr. Cy Richardson, Vice President of Economic Development and Housing, National Urban League.

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