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Obama’s Homeowner Plan Will Help All Americans

by National Association of Black Mortgage Brokers - 02/19/09 1:43 PM ET

Finally, help has come to homeowners!

We completely support the President’s plan. It is a big step in the right direction by sending aid to homeowners. The plan is a clear break from the Bush administration’s plan of bailing out the banks and Wall Street. It will help millions of American homeowners get back on track with their mortgages and will help stabilize falling home prices.

NABMB members live and work in communities of color. They see firsthand how people of color are being disproportionately affected by the mortgage crisis, and they hope that people of color will get the help they need to restore what has been lost.

Something that is not talked about often is that African American homeownership rates have dropped from about 47 percent in the late 90s to about 41 percent in 2008. This decline is directly related to the toxic loans that the American mortgage industry wrote for African American borrowers. This new plan is the fulfillment by this administration to be conscious of what is needed by the American people and care enough about them to come up with a plan that will help all Americans in need.

– National Association of Black Mortgage Brokers President Joy Jamison