In response to the Federal Reserve’s proposed changes to the Community Reinvestment Act, NAHREP urges the Federal Reserve to strengthen the rigor of CRA exams in order to expedite a full economic recovery, particularly for those most affected by the COVID-19 pandemic. NAHREP encourages the Federal Reserve to prevent grade inflation by preserving the five subtest threshold at the state-level, require race and ethnicity data on CRA exams, and continue support for enhanced data collection, including community development financing data. NAHREP commends the rule’s focus on transparent data analysis and quantitative measures of impact on communities.
NAHREP Urges CA Governor to appoint first CA Latino to U.S. Senate NAHREP, along with the Latino Donor Collaborate and the UCLA Latino Policy and Politics Initiative, co-lead a broad coalition urging California Governor Gavin Newsom to make a historic appointment by selecting a Latino to fill the vacancy left by United States Vice President-elect…
NAHREP issues joint comment letter to FHFA on Enterprise Regulatory Capital Framework In a joint comment letter submitted to FHFA, NAHREP and a coalition of industry and consumer groups urge the agency to reconsider the proposed enterprise capital rule. While the coalition appreciates FHFA’s attempt to provide a more standardized level of risk-based pricing, the…
NAHREP joins a broad coalition of organizations representing the housing, financial services industries as well as consumer groups in issuing a joint statement urging an immediate reversal of the Government Sponsored Enterprises’ announcement requiring an additional 50 basis point increase on all GSE-backed refinances effective September 1. Not only does this announcement conflict with the Administration’s recent executive actions urging federal agencies to take all measures within their authority to support struggling homeowners, but the additional fee will be particularly harmful for low- and moderate-income homeowners, first time homeowners and borrowers of color. Now is not the time.
The National Association of Hispanic Real Estate Professionals (NAHREP) and UC Berkeley’s Terner Center for Housing Innovation partnered to survey NAHREP’s membership to gauge the experiences of small “mom and pop” landlords during the pandemic. The responses indicate great concern as many of the CARES Act’s support expire, and the need for targeted assistance grows. The survey was administered between June 29, 2020 and July 9, 2020 and received 620 responses, of which 380 came from owners or managers of rental properties. Download the fact sheet for an analysis of those responses.
NAHREP continues to advocate for additional relief as the COVID-19 crisis is far from over. On May 8, 2020, NAHREP wrote a letter to Congress and the Administration urging critical policy actions needed in order to protect Latino families and small businesses as Congress moves to pass the phase 4 COVID-19 stimulus package.
NAHREP submitted a letter on April 8, 2020 urging the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to rethink some of the proposed changes to the Community Reinvestment Act (CRA). NAHREP believes that the current proposal would result in significantly fewer loans, investments and services to Latino communities. While some of the changes are positive, the proposed rule, as it stands today could jeopardize investments made to communities with high Latino populations, reduce access to credit for credit worthy families, and ultimately hamper economic activity within the housing market at a time when it is most urgently needed.
In order for real estate professionals to continue to do business from the safety of their homes, it is imperative that current regulations preventing remote home sales and mortgage transactions be lifted. NAHREP urges law makers to remove all red tape involving remote home sale transactions. The Remote Online Notarizations (RONs) will allow a notary and signer to safely and securely execute electronic documents using a two-way audiovisual communication. As of now, 23 states have approved the use of RON technology. However, borrowers in more than half the country remain unable to close on a real estate transaction without an in-person signing.
Slowing the spread of COVID-19 and preventing the loss of human life must be a priority. In addition, it is critical that government swiftly and decisively addresses the impact the coronavirus is having and will continue to have on the nation’s economy. NAHREP wrote a letter urging immediate action to protect the housing industry and Latino families through these difficult times.
NAHREP Submits Letter to HUD Regarding the Reconsideration of HUD’s Implementation of the Fair Housing Act’s Disparate Impact Standard.
In a letter submitted to the Department of Housing and Urban Development (HUD), NAHREP urges HUD to maintain the standard the agency adopted in its 2013 final rule, “Implementation of the Fair Housing Act’s Discriminatory Effects Standard.” The letter highlights several key concerns with the proposed rule change, including algorithmic bias, stifled innovation and negative consumer impacts.