“Our joint research with the Urban Institute has identified a number of promising ways to help close the racial gap in homeownership and wealth building. These financial tools, designed to help families keep their homes and build generational wealth, would also make mortgages less risky for lenders, insurers, and investors,” said Teresa Bryce Bazemore, president and CEO of FHLBank San Francisco. “The housing finance industry has created a robust foreclosure prevention toolkit over the past 15 years, but there’s still significant room for improvement, and we need to pursue multiple new avenues to reduce the risk of default. “For this reason, we need to redouble our efforts to develop effective ways to give homeowners breathing room so that a financial rough patch does not lead to losing a home.” “Efforts to promote Black homeownership and narrow the Black-white wealth gap are undermined when homeownership is not sustained,” said Janneke Ratcliffe, vice president of the Housing Finance Policy Center at the Urban Institute. The long history of reduced access to wealth-building opportunities, that Black households have experienced means they have less financial cushion to fall back on in the event of a financial shock in contrast, the typical white family has eight times the wealth of the typical Black family. Recent research indicates that the greatest number of defaults are caused by shocks such as unexpected expenses (64%) job loss (56%) large debt payments (44%) or illness, disability, or death (43%), and that Black homeowners are more vulnerable to all these shocks due to their generally lower levels of liquid assets, more precarious employment, larger debt-to-income ratios, greater medical debt, and higher cost of homeownership. This solution would disproportionately benefit Black families, who are more than twice as likely as white families to lose their home to foreclosure. Mortgage reserve accounts are among the innovative solutions that could help homeowners overcome temporary hardships and get back on track with their mortgage payments, instead of falling into foreclosure.Ī comprehensive new report from the Racial Equity Accelerator for Homeownership - a collaboration of Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and the Urban Institute - examines a variety of new product structures aimed at supporting homeowners who experience temporary financial hardship, with a particular focus on how mortgage reserve accounts could help homeowners avoid default. Internal applications, then our B2B based Bizapedia Pro API™ might be the answer for you.SAN FRANCISCO and WASHINGTON, J(GLOBE NEWSWIRE) - Efforts to close the persistent and detrimental Black-white homeownership gap, currently at 30 percentage points, must include not only measures to decrease the barriers to Black homeownership opportunity, but also mechanisms to ensure that homeownership is sustainable once achieved. If you are looking for something more than a web based search utility and need to automate company and officer searches from within your WHAT'S INCLUDED IN THE ADVANCED SEARCH FORM? The Bizapedia Pro API™ grants programmatic access to all the search forms and features you find on our site. Utilize our advanced search form to filter the search results by Company Name, City, State, Postal Code, Filing Jurisdiction, Entity Type, Registered Agent,įile Number, Filing Status, and Business Category. While logged in and authenticated, you will not be asked to solve any complicated Recaptcha V2 challenges. In addition, all pages on Bizapedia will be served to you completely ad freeĪnd you will be granted access to view every profile in its entirety, even if the company chooses to hide the private information on their profile from the general public. Your entire office will be able to use your search subscription. In addition, if we've collected "Sales Lead Information" for a given company, it will beĭisplayed on the company profile page along with the rest of the general data. With the Bizapedia Pro Search™ service you will get unlimited searches via our various search forms, with up to 5 times the number of If you are in need of enterprise level search, please consider signing up for a Bizapedia Pro Search account as described on this page. To protect our site, we cannot process your request right now. We are sorry, but your computer or network may be sending automated queries.
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