[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.
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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.
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