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  • Writer's picturePayton Legal Group

MBA announces support for a plan to close the racial homeownership gap

"The mortgage industry has an opportunity and a responsibility to open the door for those ready and able"

The Mortgage Bankers Association has announced its support for the Black Homeownership Collaborative’s (BHC’s) plan to boost Black Homeownership by three million net new households by 2030.

Through its solutions-based plan, BHC aims to help Black communities overcome the affordable housing hurdles they face. BHC’s seven-point plan includes homeownership counseling, down payment assistance, housing production, credit and lending, civil and consumer rights, homeownership sustainability, and marketing and outreach.

“Promoting safe and sustainable homeownership and closing the homeownership gap that exists within minority communities is my top priority as MBA’s 2021 chair,” said Susan Stewart, 2021 MBA chairman and CEO of SWBC Mortgage Corporation. “The mortgage industry has an opportunity and a responsibility to open the door for those ready and able to buy a home.”

MBA recently created a task force of industry leaders that aims to provide “direction for reducing the racial homeownership gap and promoting sustainable homeownership policies for communities of color.” Additionally, the trade organization has established two advisory councils on affordable homeownership and rental housing.

“MBA continues to consult and partner with housing experts, consumer groups, non-profits, and civil rights organizations to identify and remove barriers to homeownership for minority households,” said Steve O’Connor, co-chair at BHC and senior vice president of affordable housing initiatives at MBA. “I am proud to co-chair the Black Homeownership Collaborative and believe our thoughtful, results-driven plan will increase Black homeownership and help to close the racial wealth gap.”

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