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Civil Rights Coalition Applauds Freddie Mac's Decision to Stop Underwriting Risky Subprime Loans

Civil Rights Coalition Applauds Freddie Mac's Decision to Stop Underwriting Risky Subprime Loans

Published 02-27-07

Submitted by Leadership Conference on Civil Rights, The

WASHINGTON--(BUSINESS WIRE)--Feb. 27, 2007--"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 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 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) 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 .


Copyright Business Wire 2007

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Leadership Conference on Civil Rights, The

Leadership Conference on Civil Rights, The

The Leadership Conference on Civil Rights (LCCR) was founded in 1950 by three giants of the civil rights movement —A. Philip Randolph, founder of the Brotherhood of Sleeping Car Porters; Roy Wilkins, Executive Secretary of the NAACP; and Arnold Aronson, a leader of the National Jewish Community Relations Advisory Council. It is the nation's premier civil rights coalition, and has coordinated the national legislative campaign on behalf of every major civil rights law since 1957. LCCR consists of more than 192 national organizations, representing persons of color, women, children, labor unions, individuals with disabilities, older Americans, major religious groups, gays and lesbians and civil liberties and human rights groups. Its mission: to promote the enactment and enforcement of effective civil rights legislation and policy.

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