[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 392 Introduced in House (IH)]







110th CONGRESS
  2d Session
H. CON. RES. 392

 Supporting the goal of increased and sustainable homeownership in the 
United States and recognizing the importance of homeownership programs, 
    fair lending laws, and fair housing laws in achieving that goal.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2008

 Mr. Hastings of Florida (for himself, Ms. Kilpatrick, Mr. Al Green of 
  Texas, Mrs. Maloney of New York, Mr. Meek of Florida, Mr. Davis of 
Alabama, and Mr. Bishop of Georgia) submitted the following concurrent 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
 Supporting the goal of increased and sustainable homeownership in the 
United States and recognizing the importance of homeownership programs, 
    fair lending laws, and fair housing laws in achieving that goal.

Whereas homeownership is vitally important to families in the United States in 
        establishing financial independence;
Whereas homeownership is the most common means for families in the United States 
        to build wealth for them and future generations;
Whereas in 2008 the homeownership rate for White Americans was 72 percent, but 
        the rate was only 47.2 percent for African-Americans and 49.7 percent 
        for Hispanic-Americans;
Whereas eliminating the disparity in homeownership rates between White families 
        and minority families is a goal of critical importance and should become 
        a national priority;
Whereas the Congressional Black Caucus Foundation, the Congressional Hispanic 
        Caucus Institute, and the National Coalition for Asian Pacific American 
        Community Development are actively engaged in advancing homeownership, 
        financial literacy, and economic empowerment among African-Americans, 
        Hispanic-Americans, Asian-Americans, Pacific Islanders, and other 
        minorities;
Whereas the Fair Housing Act promotes neighborhood integration and prohibits 
        housing discrimination on the basis of race, color, religion, sex, 
        disability, familial status, or national origin;
Whereas although equal housing opportunity is a right guaranteed to all persons 
        in the United States, the effort to eliminate discrimination in housing 
        continues, with almost 4,000,000 fair housing violations occurring 
        annually;
Whereas the policy of fair housing and equal opportunity is wholly consistent 
        with the principles of equality and justice for all, the Congress must 
        work to ensure and demand that fair housing is a reality for all persons 
        in the United States;
Whereas the Community Reinvestment Act of 1977, the Equal Credit Opportunity 
        Act, the Home Mortgage Disclosure Act of 1975, and the Fair Housing Act 
        protect all people from discriminatory lending practices;
Whereas predatory lending is the use of abusive home mortgage lending practices, 
        including lending that involves excessive fees, inappropriate penalties, 
        and other unreasonable terms and lending that strips equity from the 
        homeowner;
Whereas predatory lending practices are, unfortunately, much too common in the 
        United States;
Whereas despite some achievements in reducing predatory lending, further 
        measures are necessary to tackle the foreclosure crisis and 
        discriminatory practices;
Whereas the absence of prime regulated banking institutions in minority 
        neighborhoods creates a vacuum for predatory lenders to thrive;
Whereas predatory lenders target homeowners, particularly African-Americans, 
        Hispanic-Americans, Asian-Americans, the elderly, and female-headed 
        households;
Whereas predatory lenders often use high-pressure tactics to charge customers 
        extremely high, unaffordable fees so that the borrower will eventually 
        default on the loan and lose the home, and the lender will profit from 
        the equity in the property;
Whereas although not all subprime lending is predatory, most predatory lending 
        occurs primarily in the subprime market in the form of loans with cost 
        add-ons, such as fees and penalties;
Whereas the rise in the overall foreclosure rate since 2006 reflects the large 
        increase in subprime foreclosure rates;
Whereas African-Americans, Hispanic-Americans, and Asian-Americans are more 
        likely to receive higher priced home purchase loans than similarly 
        situated White borrowers even after controlling for such factors as 
        income; and
Whereas the Congress recognizes that predatory loans made in the subprime market 
        have not led to increases in sustainable homeownership among protected 
        classes under the Fair Housing Act: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That the Congress--
            (1) fully supports the goal of increasing homeownership 
        among families in the United States;
            (2) recognizes the importance of homeownership in families 
        establishing financial independence;
            (3) fully supports programs for first-time homeownership, 
        including the With Ownership, Wealth initiative of the 
        Congressional Black Caucus Foundation, the Congressional 
        Hispanic Caucus Institute National Housing Initiative, and 
        initiatives of the National Coalition for Asian Pacific 
        American Community Development;
            (4) urges the Federal Government and State and local 
        governments--
                    (A) to take appropriate actions to encourage 
                homeownership and fair housing practices;
                    (B) to confront all forms of predatory lending with 
                swift legislative action; and
                    (C) to fund private fair housing organizations to 
                protect and educate the public;
            (5) recommits itself to making fair housing and 
        homeownership a legislative priority in the 110th Congress; and
            (6) urges the President to issue a proclamation encouraging 
        the people of the United States to observe National Fair 
        Housing Month with appropriate ceremonies and activities.
                                 <all>