NC statewide coalition works to save NC families' homes
Statement of Susan Lupton, Senior Policy Associate at the Center for Responsible Lending
Center for Responsible Lending
September 15, 2009
Foreclosure trends in North Carolina are dramatic and disturbing. Over recent years, foreclosure filings have tripled, with almost 40,000 foreclosure filings in the first eight months of this year. In addition, at the end of the second quarter 2009, the MBA National Delinquency Survey states that one out of ten NC borrowers are behind on their home loan. For the families that lose their home, some of whom will never own a home again, this is devastating. It is also devastating for the neighborhoods where homes sit vacant and property values decline.
Despite these disturbing numbers, these foreclosure rates in our state would have been much worse without strong leadership. Leadership from the Commissioner of Banks, the Attorney General, the General Assembly, the Governor, and many banks and credit unions who have all worked to rein in abusive lending and keep families in their home. This Fight NC Foreclosures Campaign is an important step in continuing this work.
CRL and Self-Help are delighted to be a partner in this project. CRL's mission is to protect homeownership and family wealth by working to eliminate abusive lending. We are an affiliate of Self-Help (www.self-help.org), one of the nation's largest community development financial institutions. For over 25 years, Self-Help has promoted homeownership by making fair and affordable loans. Clearly, this foreclosure crisis cuts to the core of our mission.
We are tremendously grateful to the groups that have stepped forward to fund the campaign: Z. Smith Reynolds Foundation, NC Association of Realtors and State Employees' Credit Union. I want to thank Mark Pearce, and his staff at the NC Office of the Commissioner of Banks, who have been tireless in working to get this campaign off the ground. And also working tirelessly, the housing counselors at over 30 nonprofit counseling agencies across the state, who are the heart and soul of this campaign.
Thank you very much for the opportunity to partner in this important effort to help families stay in their homes and help strengthen North Carolina's economy.
For more information: Charlene Crowell at (919) 313-8531 or firstname.lastname@example.org.
About the Center for Responsible Lending
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.