National Urban League Congratulates the Congressional Black Caucus for Its Heroic Efforts to Expand Housing Counseling Services in the 'American Housing Rescue and Foreclosure Prevention Act of 2008'

Jul 23, 2008, 01:00 ET from National Urban League

    NEW YORK, July 23 /PRNewswire-USNewswire/ -- Marc Morial, President and
 CEO of the National Urban League, today applauded Congress, and the
 Congressional Black Caucus in particular, for providing resources in
 legislation to address the severe housing crisis that disproportionately
 impacts the African-American community. This landmark legislation, the
 "American Housing Rescue and Foreclosure Prevention Act of 2008," is
 currently under consideration by the full House of Representatives.
     "The National Urban League applauds the Chairman of the Financial
 Services Committee, Rep. Barney Frank; the Chairwoman of the Subcommittee
 on Housing and Community Opportunity, Rep. Maxine Waters; the Chair of the
 Congressional Black Caucus, Rep. Carolyn Cheeks Kilpatrick; Chairman of the
 House Ways and Means Committee, Rep. Charles Rangel; and the entire
 Congressional Black Caucus for their extraordinary leadership in crafting
 landmark legislation addressing the national housing crisis," Morial said.
 "These congressional leaders have ensured that the American Housing Rescue
 and Foreclosure Prevention of Act 2008 not only addresses the larger
 problems of industry giants like Fannie Mae and Freddie Mac, but also
 specifically targets urban, low-income and minority communities and
 homeowners who have been affected by unscrupulous sub-prime and predatory
     According to the National Urban League 2008 State of Black America
 Report, blacks hold nearly five times more installment debt than whites,
 and the median net worth for African Americans is $11,800, versus $118,300
 for whites.
     The National Urban League has been in the housing counseling business
 for over 40 years and currently serves over 40,000 homeowners per year.
 Because housing counseling plays a key role in increasing financial
 awareness and closing the wealth gap between minority and non-minority
 households, Mr. Morial has recommended an expansion of housing counseling
 and financial literacy services in an effort to improve the financial
 situation for minorities with respect to securing home ownership,
 maintaining good credit and attaining monetary savings.
     National Urban League (
     Established in 1910, The Urban League is the nation's oldest and
 largest community-based movement devoted to empowering African Americans to
 enter the economic and social mainstream. Today, the National Urban League
 (, headquartered in New York City, spearheads the non-partisan
 efforts of its local affiliates. There are over 100 local affiliates of the
 National Urban League located in 36 states and the District of Columbia
 providing direct services like job training, home ownership and educational
 assistance to millions of people.

SOURCE National Urban League