The Mortgage Bankers Association (MBA) has introduced a new policy initiative seeking to reduce the racial homeownership gap.
The MBAʻs Building Generational Wealth Through Homeownership would provide industry leadership and direction regarding the targeted endeavor — supporting efforts to develop sustainable homeownership opportunities for communities of color while also spurring equitable and responsible minority borrower lending.
“Homeownership is often the largest source of intergenerational wealth for families. MBA’s new policy initiative serves as a perfect foundation to level the playing field,” Susan Stewart, 2021 MBA Chairman and CEO at SWBC Mortgage Corporation, said. “The mortgage industry has a responsibility to promote minority homeownership by partnering with key stakeholders to remove barriers and support financial education and counseling, with a goal to close the racial homeownership gap and increase generational wealth among minority households.”
MBA President and CEO Bob Broeksmit said the organization is positioned to harness internal and external resources to help more minority families become homeowners.
“Through industry advocacy and partnerships with housing experts, consumer groups, nonprofits, and civil rights organizations, our industry will focus on eliminating obstacles and shaping policy to promote and increase minority homeownership,” he said.
The Building Generational Wealth Through Homeownership stems from
CONVERGENCE, which was developed by the MBA’s Minority Homeownership Joint Task Force.
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