Nehemiah Corporation of America Responds to President’s Foreclosure Relief Plan

SACRAMENTO, Calif., Dec. 6 /PRNewswire-USNewswire/ — The following statement was issued today by Scott Syphax, President and CEO of Nehemiah Corporation of America in response to President Bush’s foreclosure relief plan. Nehemiah Corporation of America is the largest and oldest private downpayment assistance provider.

“We applaud President Bush’s foreclosure relief plan as a modest step in the right direction underscoring the importance of stronger underwriting standards, mortgage education and the need for greater controls in order to protect homebuyers. As the largest provider of private downpayment assistance in the homeownership industry, we have long been active proponents of these measures, but not at the expense of homeownership for low to moderate income families. Specifically, while HUD Secretary Jackson advocates the President’s proposal, HUD’s own moves to ban private downpayment assistance and to implement risk based premiums work against low to moderate income and minority families, including women headed households, attempting to reach the American Dream. Congressional opposition to HUD’s ill-advised regulatory proposals is a direct reflection of how counterproductive they would be to the goal of promoting homeownership. As Congress looks toward finalizing the FHA Modernization Act in the coming weeks, we urge members to weigh their decision closely with regard to the lasting impact of their actions on countless American families, and to adopt the language put forth in the House Bill passed a few months ago supporting private downpayment assistance programs.”

To date, privately-funded downpayment assistance programs have helped over 600,000 families become homeowners, and have been credited not only for helping people buy homes, but also stabilizing neighborhoods and cities and creating stronger families.

SOURCE Nehemiah Corporation of America

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