Civil Rights Coalition Applauds Freddie Mac's Decision to Stop Underwriting Risky Subprime Loans.Statement of Wade Henderson Wade Henderson is president of the Leadership Conference on Civil Rights and counsel to the Leadership Conference on Civil Rights Education Fund. Early Years Henderson graduated from Howard University and the Rutgers University School of Law (Newark) and was previously , President of the Leadership Conference on Civil Rights The Leadership Conference on Civil Rights (LCCR) is an umbrella group of American liberal interest groups. Organizational history It was founded in 1950 by three leaders in the American civil rights movement: Brotherhood of Sleeping Car Porters founder A. WASHINGTON -- "Freddie Mac's decision to stop underwriting high-risk subprime loans, while at the same time investing in safer fixed-rate and hybrid ARM products is a win-win situation for low income borrowers. We genuinely hope Fannie Mae Fannie Mae: see Federal National Mortgage Association. and other players in the mortgage market follow Freddie Mac's lead and adopt similar practices that are aimed at producing more responsible, repayable home loans. It takes backbone to make a move like this and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. should be commended for its leadership on the issue. By cutting off financial backing for dicey, low interest 'teaser' loans that balloon astronomically, Freddie Mac will prevent families, a disproportionate number of whom are minorities, from losing their homes." The Leadership Conference on Civil Rights (LCCR LCCR Leadership Conference on Civil Rights LCCR Lawyers' Committee for Civil Rights Under Law ) is the nation's oldest, largest, and most diverse civil and human rights coalition. For more information on LCCR and its more than 200 member organizations, visit www.civilrights.org. |
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