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Mortgage and Community Development Leaders Form Homeownership
Alliance to Preserve, Promote and Expand America's Housing
VA -- Vowing to increase support for America's housing system
so that it can expand homeownership opportunities for more
Americans, housing, mortgage and community development leaders
today announced the formation of the Homeownership Alliance.
Homeownership Alliance is a broad-based public education organization
that will promote the American housing system. The group will
not lobby members of Congress, but will concentrate on public
advocacy, principally through its Web site http://www.homeownershipalliance.com.
Rick Davis, formerly presidential campaign manager for Arizona
Sen. John McCain, will serve as president of the Homeownership
Alliance, which will be based in Alexandria.
following organizations have joined as participating members
of the Homeownership Alliance:
American League of Financial Institutions
Community Bankers Association
Initiatives Support Corporation
Association of Home Builders
Association of Real Estate Brokers
founding members of the Homeownership Alliance represent the
nation's 200,000 home builders; 5,300 independent community
banks; major civil rights organizations; the largest investors
in homeownership in America; two of the nation's largest nonprofit
community development organizations; and organizations representing
the nation's African-American bankers, thrift executives and
real estate brokers.
have come together in an extraordinarily broad coalition for
one purpose: to stand up and be counted on the side of America's
housing finance and delivery system. This system is an incredible
force for boosting homeownership and rental housing opportunities,
driving economic growth, strengthening families and helping
build financial security for American households," said Robert
L. Mitchell, president of the National Association of Home
bank lenders are committed to work to preserve and grow the
remarkable American housing finance system which is the envy
of the world. Our system, which provides all lenders ready
access to the secondary market sustained by Fannie Mae and
Freddie Mac, brings enormous benefits to every American--the
opportunity to own a home and build financial dreams," said
Thomas J. Sheehan, President of the Independent Community
Bankers of America.
said that The Homeownership Alliance "will serve as the nexus
for organizations promoting homeownership and housing choice
in America. It will educate consumers, and provide them with
news about the positive developments in the housing finance
system as it expands opportunities for more Americans to become
homeowners. At the same time, the Homeownership Alliance will
protect that homeownership system against attempts to undermine
Davis said that homeownership in America is a core national
priority. "Yet, some critics of the system, particularly those
who disagree with the role currently played by the housing
Government Sponsored Enterprises, are implicitly calling for
policy makers to reconstruct the system so it can be more
like that of other industrialized countries. But our current
system is much better than theirs. Forty-percent down-payments,
like they have in Germany, and huge prepayment penalties that
are the norm for refinancing in some European countries are
things we did away with decades ago, and we certainly don't
want to turn the clock back," Davis said.
president of the Homeownership Alliance, Davis will oversee
three key activities.
The Web site for the Homeownership Alliance will have links
to all of the member organizations' Web sites, and will
provide consumers with news from each of the organizations.
It will provide guest essays supporting housing. Two previous
secretaries of Housing and Urban Development, Henry Cisneros
and Jack Kemp have written the first guest essay. The Web
site will provide consumers with information about the organizations
that support the Homeownership Alliance and about the housing
finance system, including its history. A special section
will enable consumers to compare the American housing finance
system to those of other countries.
Members of the Homeownership Alliance will conduct and fund
research. The Homeownership Alliance web site will serve
as a single source for the combined research generated by
member organizations and others. This will be useful to
consumers, advocates, academics and the members themselves.
At a date to be announced in October, the Homeownership
Alliance will convene a seminar in Washington to promote
homeownership, discuss recent trends and outline threats
and potential threats to the system. This seminar will become
an annual event, and will be recreated by regional seminars
across the country in 2001.
potential for the Homeownership Alliance is boundless," Davis
said. "Seldom have so many organizations, representing so
many constituents, come together for so positive a purpose."
Homeownership Alliance is constituted as a limited-liability
corporation. It will be funded entirely by its membership.
mission statement and brief descriptions of the associations,
organizations and companies that comprise its membership are