IV 

110TH CONGRESS 

2D SESSION H. CON. RES. 392 

Supporting the goal of increased and sustainable homeownership in the United 

States and recognizing the importance of homeownership programs, fair 

lending laws, and fair housing laws in achieving that goal. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 17, 2008 

Mr. HASTINGS of Florida (for himself, Ms. KILPATRICK, Mr. AL GREEN of 

Texas, Mrs. MALONEY of New York, Mr. MEEK of Florida, Mr. DAVIS

of Alabama, and Mr. BISHOP of Georgia) submitted the following concurrent resolution; which was referred to the Committee on Financial Services 

CONCURRENT RESOLUTION 

Supporting the goal of increased and sustainable homeownership in the United States and recognizing the importance 

of homeownership programs, fair lending laws, and fair 

housing laws in achieving that goal. 

Whereas homeownership is vitally important to families in the 

United States in establishing financial independence; 

Whereas homeownership is the most common means for families in the United States to build wealth for them and future generations; 

Whereas in 2008 the homeownership rate for White Americans was 72 percent, but the rate was only 47.2 percent 


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•HCON 392 IH 

for African-Americans and 49.7 percent for Hispanic 

Americans; 

Whereas eliminating the disparity in homeownership rates between White families and minority families is a goal of 

critical importance and should become a national priority; 

Whereas the Congressional Black Caucus Foundation, the 

Congressional Hispanic Caucus Institute, and the National Coalition for Asian Pacific American Community 

Development are actively engaged in advancing homeownership, financial literacy, and economic empowerment 

among African-Americans, Hispanic Americans, Asian 

Americans, Pacific Islanders, and other minorities; 

Whereas the Fair Housing Act promotes neighborhood integration and prohibits housing discrimination on the basis 

of race, color, religion, sex, disability, familial status, or 

national origin; 

Whereas although equal housing opportunity is a right guaranteed to all persons in the United States, the effort to 

eliminate discrimination in housing continues, with almost 4,000,000 fair housing violations occurring annually; 

Whereas the policy of fair housing and equal opportunity is 

wholly consistent with the principles of equality and justice for all, the Congress must work to ensure and demand that fair housing is a reality for all persons in the 

United States; 

Whereas the Community Reinvestment Act of 1977, the 

Equal Credit Opportunity Act, the Home Mortgage Disclosure Act of 1975, and the Fair Housing Act protect 

all people from discriminatory lending practices; 


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•HCON 392 IH 

Whereas predatory lending is the use of abusive home mortgage lending practices, including lending that involves excessive fees, inappropriate penalties, and other unreasonable terms and lending that strips equity from the homeowner; 

Whereas predatory lending practices are, unfortunately, much 

too common in the United States; 

Whereas despite some achievements in reducing predatory 

lending, further measures are necessary to tackle the 

foreclosure crisis and discriminatory practices; 

Whereas the absence of prime regulated banking institutions 

in minority neighborhoods creates a vacuum for predatory lenders to thrive; 

Whereas predatory lenders target homeowners, particularly 

African-Americans, Hispanic Americans, Asian Americans, the elderly, and female-headed households; 

Whereas predatory lenders often use high-pressure tactics to 

charge customers extremely high, unaffordable fees so 

that the borrower will eventually default on the loan and 

lose the home, and the lender will profit from the equity 

in the property; 

Whereas although not all subprime lending is predatory, most 

predatory lending occurs primarily in the subprime market in the form of loans with cost add-ons, such as fees 

and penalties; 

Whereas the rise in the overall foreclosure rate since 2006 reflects the large increase in subprime foreclosure rates; 

Whereas African-Americans, Hispanic Americans, and Asian 

Americans are more likely to receive higher priced home 

purchase loans than similarly situated White borrowers 

even after controlling for such factors as income; and 


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•HCON 392 IH 

Whereas the Congress recognizes that predatory loans made 

in the subprime market have not led to increases in sustainable homeownership among protected classes under 

the Fair Housing Act: Now, therefore, be it 

1 Resolved by the House of Representatives (the Senate 

2 concurring), That the Congress— 

3 (1) fully supports the goal of increasing home4 ownership among families in the United States; 

5 (2) recognizes the importance of homeownership 

6 in families establishing financial independence; 

7 (3) fully supports programs for first-time home8 ownership, including the With Ownership, Wealth 

9 initiative of the Congressional Black Caucus Foun10 dation, the Congressional Hispanic Caucus Institute 

11 National Housing Initiative, and initiatives of the 

12 National Coalition for Asian Pacific American Com13 munity Development; 

14 (4) urges the Federal Government and State 

15 and local governments— 

16 (A) to take appropriate actions to encour17 age homeownership and fair housing practices; 

18 (B) to confront all forms of predatory 

19 lending with swift legislative action; and 

20 (C) to fund private fair housing organiza21 tions to protect and educate the public; 


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•HCON 392 IH 

1 (5) recommits itself to making fair housing and 

2 homeownership a legislative priority in the 110th 

3 Congress; and 

4 (6) urges the President to issue a proclamation 

5 encouraging the people of the United States to ob6 serve National Fair Housing Month with appro7 priate ceremonies and activities. 

Æ 


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