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 discrimination supported by our federal government’s mortgage policies. Today’s hearing is a good step towards acknowledging this history and presents the potential to create opportunities to address it, so that our nation can drive shared prosperity for all Americans.

Download the complete testimony submitted to the Subcommittee on Housing, Community Development, and Insurance. (PDF)

Download the oral testimony. (PDF)

Watch Nikitra Bailey's opening remarks before the subcommittee:

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