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| Mayor appoints Commission on Mortgage Lending Practices |
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Oct. 2, 2008 Contact: Susan Straub Office: 859-258-3111 Cell: 859-576-2564 Mayor appoints Commission on Mortgage Lending Practices Mayor Jim Newberry today appointed the Mayor’s Commission on Mortgage Lending Practices and asked the volunteer group to make recommendations concerning the findings of a recent report by the Lexington-Fayette County Human Rights Commission. The Human Rights Commission report, “Regardless of Income, African-Americans in Lexington Remain at Risk of Receiving High-Cost Home Mortgage Loans,” ranked Lexington first in the state of Kentucky in disparities between loans to low- and moderate-income borrowers by race. "The findings of this report should be unacceptable to all Lexington citizens and I am asking the Commission to recommend ways we can improve,” Newberry said. According to the report, “Nearly half of all loans to African American low- and moderate-income borrowers were high cost loans and they were 2.23 times more likely to receive a high cost loan than whites with similar incomes.” Newberry said, at the recommendation of William Wharton, executive director of the Human Rights Commission, the Commission on Mortgage Lending Practices will focus its work on two of the recommendations made in the Human Rights Commission report, specifically: • “We must look at our financial literacy programs and make sure that they are accessible to the population that needs them.” • “We must encourage ethical lenders to step forward and provide financial services to the broader community.” The commission will be chaired by D. McGuiness Mitchell, President & CEO, National Diversity Solutions. Newberry asked the commission to report back to him and the Urban County Council by the end of the year. All commission meetings will be open to the public. The city has also joined the Mayors’ National Dollar Wise Campaign, and is already offering financial education classes for city employees. These classes will be expanded, the Mayor said. The 13-member Commission on Mortgage Lending Practices includes representatives of the Human Rights Commission, the financial community, affordable housing advocates and Realtors, and advocates for the poor. In addition to Mitchell and Wharton the members are: • Janet Beard, VP Community Affairs, Fifth Third Bank • Deborah Benberry Williams, VP and Regional CRA Manager, National City Bank • Jack Burch, Executive Director, Community Action Council • Judy Craft, President, Lexington Bluegrass Association of Realtors • Art Crosby, Director, Lexington Fair Housing Council • Chris Ford, President & CEO, REACH, Inc. • Joe Johnikin, Treasurer, Black Church Coalition • Janice Mullins, Asst. Vice President & CRA Specialist, Central Bank & Trust Co. • P.G. Peeples, President/CEO, Urban League of Lexington-Fayette County • Kevin Smith, President & CEO, Community Ventures Corporation • Michael Terry, Asst. Vice President, Senior CRA Business Development Officer, Republic Bank & Trust -- 30 -- |
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