These very same homeowners are experiencing a huge boost in their home’s value. Yes, small businesses have struggled, many forced to shutter, but the housing market has been booming. The average single family residence has increased 22% over last year in the average home price, cresting at median of about $817,000.
Biden said he plans to hold financial institutions accountable for discriminatory practices in the housing market, and he will restore the federal government’s power to enforce settlements against discriminatory lenders. Additionally, the plan calls for Biden to strengthen and expand the Community Reinvestment Act to ensure that the nation’s bank and non-bank financial services institutions are serving all communities.
“I got started in the African American community. I got involved in the Civil Rights Movement when I was a kid. I helped de-segregate a movie theater, that kind of thing,” Biden noted. “I was the only guy who worked in the projects on the East Side who was White. That’s how I got started, and the Black community is the community that, as we say, brung me to the dance. That’s how I got elected.”
As the Senate Banking Committee turns its attention to reform the nation’s secondary mortgage market, civil rights leaders recently spoke in a strong and united voice. For these national organizations, the housing finance system must embrace—not abandon—its obligation to provide broad access and affordability in mortgage lending.