Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)
Urgent Action Needed as Communities of Color Face Greatest Loss of Wealth in History, Greenlining Institute Executive Director Orson Aguilar Will Testify
SAN FRANCISCO – The Federal Reserve Bank of San Francisco will host a public hearing on modernization of the Home Mortgage Disclosure Act (HMDA) this Thursday, Aug. 5. Among the experts invited to testify will be Greenlining Institute Executive Director Orson Aguilar, who will argue for urgent action as crashing levels of homeownership drive the greatest loss of wealth in history among communities of color.
Currently available data show that during the recent housing bubble, Latino and African-American borrowers with the best credit scores were four times more likely to receive high-cost, subprime loans than white borrowers with comparable scores. Aguilar will make the case that disproportionate levels of underwater mortgages among communities of color and a dramatic drop in lending to these communities demand immediate action.
Please note that the Federal Reserve has asked news organizations to limit themselves to one reporter each and for journalists to register in advance at https://www.federalreserve.gov/secure/forms/sfhmdaregistrationform.cfm
WHAT: Public hearing: The Home Mortgage Disclosure Act (HMDA)
WHO: Representatives of state and local governments, banks and community groups, including Greenlining Institute Executive Director Orson Aguilar, plus public comment. Participant list and agenda available online at http://www.federalreserve.gov/communitydev/hmda_agenda20100805.htm
WHERE: Federal Reserve Bank of San Francisco, 101 Market St.
WHEN: Thursday, Aug. 5, 8 a.m to 1 p.m.