Jesse Jackson
Fed Chairman Bernanke
Civil-rights activist Jesse Jackson will meet with Federal Reserve Chairman Ben S. Bernanke next week to discuss proposals to help homeowners struggling with mortgages they can't afford.
The meeting was arranged by John C. Taylor, president of the National Community Reinvestment Coalition in Washington. Taylor also sits on the board of Jackson's Chicago-based RainbowPush Coalition, described on its Web site as ``a progressive organization fighting for social change.''
``I am on his board, and I initiated the contact with both he and Bernanke,'' said Taylor, whose organization represents a group of more than 600 community advocates promoting affordable housing and banking services.
The Fed and other bank regulators are under fire from Congress and consumer advocates for not subjecting the mortgage market to tougher rules. Delinquencies on subprime mortgages to borrowers with weak or limited credit histories reached a five- year high in June. Fed figures show that high-cost loans are more common among blacks and Hispanics.
Taylor said Jackson and the NCRC will talk to Bernanke about launching a fund to help struggling homeowners refinance mortgages and prevent foreclosures. Jackson also will also speak with Bernanke about ``the inappropriate application of subprime by color,'' Taylor said.
Rashida Restaino, a spokeswoman for the Rainbow Push Coalition, confirmed that Jackson is scheduled to meet with the 53-year-old Bernanke on Nov. 1 at 8 a.m.
Declining Ownership
The black homeownership rate fell to 46.7 percent in the third quarter from 48.6 percent a year ago, the U.S. Census Bureau reported today. That compares with a decline to 75.3 percent for non-Hispanic whites last quarter from 76 percent a year ago. Hispanic homeownership rates rose to 50.1 percent from 49.7 percent a year earlier.
Total U.S. homeownership dropped for a fourth consecutive quarter, the longest decline since at least 1981, suggesting more Americans will miss their best chance of building wealth.
Taylor said NCRC has studied how blacks are treated by the banking system and found they may get higher-cost loans even if their credit scores merit lower-cost products.
``If you look at higher-income blacks, disproportionately they are still getting subprime loans,'' he said.
Bloomberg.com
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLUtt3g5VP0w&refer=home
