Testimony: A Review of the State of and Barriers to Minority Homeownership
Homeownership is the primary way that most middle-class families build wealth and achieve economic stability. Wide access to credit is critical for building family wealth, closing the racial wealth gap, and for the housing market overall, which in turn, contributes significantly to our overall economy. Today, the opportunity to purchase, maintain and refinance a home has not reached significant portions of low-to- moderate income families and people of color. As a result, these families lag far behind wealthier and white communities that received a head start due to historical lending...