La Raza Pres and CEO Testifies On Revitalizing Latino Homeownership

Washington, DC-Janet Murguía, President and CEO of NCLR (National Council of La Raza), the largest national Hispanic civil rights and advocacy organization in the United States, will testify on Wednesday, December 2, 2009 before the U.S. House of Representatives Committee on Financial Services about how the Federal Housing Administration (FHA) mortgage insurance program can be a stronger, more vital force in stabilizing the housing market, particularly for low-income borrowers. The hearing will be in Room 2128 of the Rayburn House Office Building.

In 2009, more than 700,000 Hispanic and Black borrowers are expected to lose their homes to foreclosure. NCLR is deeply concerned about the rate at which Latino families are losing their homes and the lack of progress in restoring stability to the housing market. In addition, many Hispanics who should be able to take advantage of lower home prices are unable to access credit. Millions of families are relying on FHA to assist in facilitating their first mortgage or avoiding foreclosure, especially Latino homebuyers, 45% of whom received an FHA mortgage in 2008. It is essential that FHA fulfills one of its primary roles in the market by stepping in to lend where others will not. Substantial economic recovery cannot take place until the housing market is first rehabilitated and the FHA mortgage insurance program can help drive efforts to restore the market.

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