Opinion: Have mortgage settlements left communities of color behind?

The month of February marks the first anniversary of the settlement of national mortgage 25 billion $ with mortgage repairers plus big five of nation: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Since then, banks have Canon through their obligations at a rapid pace, leaving us some concerns.

To study the colony's progress, the Alliance for stabilizing our communities, a partnership between the National Council of La Raza and the National Urban League and the National Coalition for Asian Pacific American Community Development, hosted a Summit with Joseph a. Smith Jr., an independent of the establishment monitor national mortgage.

In the wake of the third report published last week, this Summit has considered how the regulation national mortgage has been implemented and how it has affected the communities of color.

Families from across the country share their personal stories to try to stay in their homes (see video). This conversation revealed troubling questions about the extent to which the communities of color - those most affected by the housing crisis, receive relief through this regulation.

When announced last year, 25 billion agreement $ held promise that families across the country would see relief. Indeed, it is a major victory for owners who are struggling, who had been a victim of predatory lending and seized unjustified. But a year later, gaps in the implementation of the regulation are becoming clear.

Although repairers have extinguished many second privileges, which will allow to stabilize some households, serious concerns remain about the large number of sales discovered being credited as main reduction. Sales uncovered are not a solution for home savings and meet our expectations of the colony.

There has been very little transparency with regard to where the funds are spent and the relief is really reach the hardest hit, including communities of color, which were targeted for predatory lending.It was difficult to get answers to the many questions:

How repairers determine the main amount of reduction or the current value of the home? How owners can obtain information on whether they are eligible for the reduction of the main? How did the regulation national mortgage managed to keep families with low and modest income at home?

The regulations, as well as the recent shuttering of the independent review of the foreclosure for a settlement with 14 attendants to the maintenance and the Office of the Comptroller of the currency, have reminded us to push harder for a more rigorous application of higher standards and equitable relief.

Future settlements and rescue packages will be judged by the extent to which they can really reach owners who are struggling. Any settlement should include the collection of data on fair lending metrology, a component of public reports, more transparency of repairers in terms which is eligible for the reduction of main and other mitigation strategies foreclosure that will keep borrowers in their homes.

Future colonies should direct banks to grant relief in the postal codes most affected by predators ready, publicly disseminate geographical and socio-economic that is assistance to and share what criteria banks apply when determining what owners would receive principal reduction offers.

All of these components must be delivered through sophisticated awareness and regard deliberate.

Every day, more Americans join the ranks of those who have lost their jobs and are going to lose their home to foreclosure. These experiences are often concentrated in communities of color.

Despite this reality, our national leaders and players in the mortgage market continue to follow strictly the status quo - if not in word, certainly in the Act. Our families need a strong and thoughtful solution that benefits all households. We expect and deserve more.

The housing crisis must be resolved not just for the pleasure of working families, but also because the full recovery of our economy depends on.

About the authors: Janet Murguia is president and CEO of the National Council of La Raza, the largest National Hispanic civil rights and the Organization of defence in the United States. Marc h. Morial, former Mayor of New Orleans, is president and CEO of the National Urban League; and Lisa Hasegawa is Director Executive of the National Coalition for Asian Pacific American Community Development and serves on the Board of Directors of the National Coalition of low-income housing.

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