The policy initiative is a “perfect foundation to level the playing field,” says MBA chairman
The Mortgage Bankers Association is launching an initiative meant to reduce the racial homeownership gap and increase homeownership opportunities for minority borrowers.
Through the new initiative, Building Generational Wealth Through Homeownership, MBA intends to develop policies that support sustainable homeownership for communities of color – promoting fair, equitable, and responsible lending for minority borrowers.
“Homeownership is often the largest source of intergenerational wealth for families. MBA’s new policy initiative serves as a perfect foundation to level the playing field,” said Susan Stewart, 2021 MBA chairman and CEO of SWBC Mortgage. “The mortgage industry has a responsibility to promote minority homeownership by partnering with key stakeholders to remove barriers and support financial education and counseling, with a goal to close the racial homeownership gap and increase generational wealth among minority households.”
“MBA is uniquely positioned to harness its internal and external resources to help more minority families become homeowners,” said MBA president and CEO Bob Broeksmit. “Through industry advocacy and partnerships with housing experts, consumer groups, non-profits, and civil rights organizations, our industry will focus on eliminating obstacles and shaping policy to promote and increase minority homeownership.”