Stabilizing Neighborhoods Hurt by Foreclosure
A foreclosure is not only a tragedy for the family who loses their home but it also has a devastating impact on neighbors – causing home values to drop, leaving empty houses that are subject to vandalism or potential centers of crime. Entire communities are suffering because of foreclosures and the housing market decline.
I led the effort to create the Neighborhood Stabilization Program, which provides funding for states, counties and cities to assist communities hit hardest by the foreclosure crisis. I fought to secure $6 billion in funding for this program to fix up foreclosed homes so that they are no longer blighting the neighborhood and can instead be rented or sold to families in need of housing.
NSP is already helping stabilize neighborhoods all over the U.S.
More on Stabilizing Neighborhoods Hurt by Foreclosure
By Joseph Williams, Globe Staff
Stung by accusations from some African-Americans that he has not done enough for urban communities, President Obama has embarked on an effort to soothe a constituency once counted as his fiercest source of support.
In a series of interviews this week with media outlets aimed at African-Americans, Obama said he understands pent-up frustrations about foreclosures, bank bailouts, and festering social issues, while he also challenged assertions that he has given short shrift to cities.
By Hazel Trice Edney - NNPA Editor-in-Chief
The 10 Black members of the powerful House Finance Committee are still being applauded this week for boldly boycotting a committee meeting in order to force a $4 billion allocation to benefit the Black community.
They have told the NNPA News Service that they plan to escalate protests if lawmakers continue to ignore the suffering of their constituents, including advertising discrimination against Black newspapers.
By Richard Simon
By Greg Kaufmann
December 10, 2009
At Tuesday's House Committee on Financial Services hearing titled "The Private Sector and Government Response to the Foreclosure Crisis," Julia Gordon, senior policy counsel for the Center for Responsible Lending, painted a bleak picture.
By Michael D. Shear and Perry Bacon Jr.
Washington Post Staff Writer
Wednesday, December 9, 2009 10:06 PM
Some black lawmakers sought this week to move past a dispute with the White House, saying they are satisfied that President Obama is seeking to provide greater economic assistance to African American communities.
But the members of the Congressional Black Caucus continued to insist that the administration's efforts do not go far enough, even as other African American leaders defended the nation's first black president.
By Brady Dennis and Renae Merle
Washington Post Staff Writers
Tuesday, December 8, 2009
House Democrats are seeking to tap the government's massive bailout fund to help homeowners who have lost their jobs and are struggling to make their mortgage payments.