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 concur-
rent resolution; which was referred to the Committee on Financial Serv-
ices 
CONCURRENT RESOLUTION 
Supporting the goal of increased and sustainable homeowner-
ship 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 fami-
lies in the United States to build wealth for them and fu-
ture generations; 
Whereas in 2008 the homeownership rate for White Ameri-
cans was 72 percent, but the rate was only 47.2 percent 
VerDate Aug 31 2005 
02:03 Jul 18, 2008
Jkt 069200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6300
E:\BILLS\HC392.IH
HC392
smartinez on PROD1PC64 with BILLS
•HCON 392 IH 
for African-Americans and 49.7 percent for Hispanic 
Americans; 
Whereas eliminating the disparity in homeownership rates be-
tween 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 Na-
tional Coalition for Asian Pacific American Community 
Development are actively engaged in advancing home-
ownership, financial literacy, and economic empowerment 
among African-Americans, Hispanic Americans, Asian 
Americans, Pacific Islanders, and other minorities; 
Whereas the Fair Housing Act promotes neighborhood inte-
gration 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 guar-
anteed to all persons in the United States, the effort to 
eliminate discrimination in housing continues, with al-
most 4,000,000 fair housing violations occurring annu-
ally; 
Whereas the policy of fair housing and equal opportunity is 
wholly consistent with the principles of equality and jus-
tice for all, the Congress must work to ensure and de-
mand 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 Dis-
closure Act of 1975, and the Fair Housing Act protect 
all people from discriminatory lending practices; 
VerDate Aug 31 2005 
02:03 Jul 18, 2008
Jkt 069200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6300
E:\BILLS\HC392.IH
HC392
smartinez on PROD1PC64 with BILLS
•HCON 392 IH 
Whereas predatory lending is the use of abusive home mort-
gage lending practices, including lending that involves ex-
cessive fees, inappropriate penalties, and other unreason-
able terms and lending that strips equity from the home-
owner; 
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 preda-
tory lenders to thrive; 
Whereas predatory lenders target homeowners, particularly 
African-Americans, Hispanic Americans, Asian Ameri-
cans, 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 mar-
ket in the form of loans with cost add-ons, such as fees 
and penalties; 
Whereas the rise in the overall foreclosure rate since 2006 re-
flects 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 
VerDate Aug 31 2005 
02:03 Jul 18, 2008
Jkt 069200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6300
E:\BILLS\HC392.IH
HC392
smartinez on PROD1PC64 with BILLS
•HCON 392 IH 
Whereas the Congress recognizes that predatory loans made 
in the subprime market have not led to increases in sus-
tainable homeownership among protected classes under 
the Fair Housing Act: Now, therefore, be it 
Resolved by the House of Representatives (the Senate 
concurring), That the Congress— 
(1) fully supports the goal of increasing home-
ownership among families in the United States; 
(2) recognizes the importance of homeownership 
in families establishing financial independence; 
(3) fully supports programs for first-time home-
ownership, including the With Ownership, Wealth 
initiative of the Congressional Black Caucus Foun-
dation, the Congressional Hispanic Caucus Institute 
National Housing Initiative, and initiatives of the 
National Coalition for Asian Pacific American Com-
munity Development; 
(4) urges the Federal Government and State 
and local governments— 
(A) to take appropriate actions to encour-
age homeownership and fair housing practices; 
(B) to confront all forms of predatory 
lending with swift legislative action; and 
(C) to fund private fair housing organiza-
tions to protect and educate the public; 
VerDate Aug 31 2005 
02:03 Jul 18, 2008
Jkt 069200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\HC392.IH
HC392
smartinez on PROD1PC64 with BILLS
•HCON 392 IH 
(5) recommits itself to making fair housing and 
homeownership a legislative priority in the 110th 
Congress; and 
(6) urges the President to issue a proclamation 
encouraging the people of the United States to ob-
serve National Fair Housing Month with appro-
priate ceremonies and activities. 
Æ 
VerDate Aug 31 2005 
02:03 Jul 18, 2008
Jkt 069200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\HC392.IH
HC392
smartinez on PROD1PC64 with BILLS