Congressman Al Green Urges Mortgage Servicers to Address the Needs of Minority Borrowers

Washington, DC – December 9, 2009 – (RealEstateRama) — Today Congressman Al Green (TX-09) called on private mortgage servicers to better address the needs of struggling minority homeowners during a hearing of the House Committee on Financial Services regarding the current foreclosure crisis.

Congressman Green emphasized that many minority homeowners have been disproportionately impacted by questionable lending practices. “Doing good overall will not help those minority communities without specific intervention,” he said.

Congressman Green mentioned that, according to a 2006 report by the Center for Responsible Lending, African-Americans were 6 to 34 percent more likely to receive higher-rate home purchase and refinance loans than similarly-situated white borrowers. Hispanic borrowers, according to the same report, they were 29 to 142 percent more likely to receive a higher-rate loan

“These practices have unfairly harmed responsible families who purchased their homes and did everything right. We have to find ways to ensure that they get a fair chance to stay in their homes”, said Congressman Green after the hearing.

According to analysts, foreclosures have accelerated into the third quarter of 2009. RealtyTrac reports a 7 percent increase in properties involved in the foreclosure process in July 2009 compared to June of the same year and Credit Suisse estimates that in the next four years 8.1 million homes, representing 16 percent of all mortgages, will enter foreclosure.

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Alvaro ‘Al’ Ortiz
Press Secretary
Congressman Al Green, 9th District-Texas
United States House of Representatives
3003 South Loop West, Suite 460
Houston, TX 77054
Office Phone: 713-383-9234/Extension 111
Cellular Phone: 202-527-1109
Fax: 713-383-9202
Email: Alvaro.Ortiz (at) mail.house (dot) gov
http://www.house.gov/algreen/

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On January 4, 2007 U.S. Representative Al Green took the oath of office to serve the people of Texas’ 9th Congressional District and began his second term in the United States House of Representatives. As a veteran civil rights advocate, he has dedicated his life to fighting for those in society whose voices, too often, are not heard.

Congressman Green’s chief legislative priority for the 110th Congress is creating a Federal Living Wage. As the Democratic Whip for Region 6 and one of the newest members of the Committee on Homeland Security, Green is dedicated to increasing U.S. port and border security and reducing chemical, biological, radiological and nuclear threats. He also serves on the Financial Services Committee where he continues his fight to eliminate insurance, housing and lender practices that have historically victimized low and moderate income communities. Additionally, Congressman Green remains committed to increasing the levels affordable housing and ensuring that every American realizes the dream of homeownership.

Contact:

Alvaro 'Al' Ortiz (Press Secretary)
Office Phone: (713) 383 9234 Ext. 111
Cell Phone: (832) 606 5869

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