NEW YORK (February 1, 2012) -- President Obama's plan to support responsible homeowners will stabilize communities and speed the nation's financial recovery, National Urban League President and CEO Marc H. Morial said today. He urged Congress to pass the initiative into law as quickly as possible.
 
"The financial crisis and collapse of the housing market fell very heavily on communities of color," Morial said. "Working families are struggling to meet their financial obligations. The President's plan not only will help working people to remain responsible homeowners, but it will restore faith in the dream of homeownership, which is a cornerstone of stable communities."
 
The President's plan incorporates three proposals the National Urban League has advocated for housing:

• Homeowners Bill of Rights, which includes simple, easy-to-understand mortgage forms, no hidden fees and penalties, standardized assistance for at-risk borrowers, and no conflicts of interest. Morial proposed a Home Buyer’s Bill of Rights in February of 2007 during a speech at the National Press Club.
• Urban Homesteading, turning foreclosed and abandoned buildings into thriving rental properties.  Urban Homesteading is part of the National Urban League’s 12-Point Jobs Plan, introduced last year.  
• Holding banks accountable for mortgage origination and servicing abuses through joint investigations.

"By saving the average homeowner $3,000 a year, the plan injects desperately-needed stimulus into the economy," Morial pointed out. "It's been demonstrated time and again that only consumer demand will ease the employment crisis, which in turn will stimulate the housing market. “

CONTACT:            Teresa Candori
                              (646) 319-0891
                              tcandori@nul.org