Horsford Moderates Panel On Impact Of Housing Crisis On The African American Community

Today, Representative Steven Horsford (NV-4) moderated the panel "Mortgaging the American Dream: The Impact of the Housing Crisis on the African American Community" alongside six panelists as a part of the 2014 Congressional Black Caucus Foundation's Annual Legislative Conference (ALC).

Federal Housing Finance Agency (FHFA) Director Mel Watt was among the featured guests. He gave remarks on the need to look ahead to the housing challenges of the African American community in addition to retroactively analyzing the housing crisis' devastating impact.

Representative Horsford and the panelists discussed the severe impact of the recession and housing crisis on African American communities throughout the United States. Additionally, the panel provided various solutions and practices that federal and local governments can implement in order to boost the economies of those affected and create more affordable housing for the future.

Below is a transcript of Rep. Horsford's opening remarks and introduction of Director Watt:

"Good morning everyone! Thank you for joining us.

"We're here because there is a crisis happening right now in the African American community.

"This crisis is unrecognized by most, but it's a fact that we need to raise greater attention to address.

"The housing market is recovering for many. For those in our community, we're still waiting for greater solutions.

"No other community was hit as hard by the housing crisis, and in my home state of Nevada, which leads the nation unfortunately in home foreclosures, it's an issue I see each and every day in the neighborhoods that I serve.

"Foreclosures due to lost income, lost employment, or predatory loans that were doomed to fail devastated our community.

"So we come here today to discuss the challenges we face, but more importantly, offer solutions that we need to take at the local, state, and federal levels to address them.

"Today's panel is a terrific group of individuals who I'm looking forward to hearing from.

"But first, I have the great pleasure of introducing someone I have the upmost respect for, and someone I've looked up to as a leader in our community and a champion of working families. And that's none other than Federal Housing Finance Agency Director Mel Watt. Former Congressman Mel Watt, now Director, and his wife Eulada have become good friends of my wife, Sonya, and I.

"We're just so honored and proud of his most recent achievement in being nominated by President Obama and confiremed by the U.S. Senate as the new director for the FHFA. And I cannot think of a better candidate to lead this agency at this particular time.

"During his more than two decades in the House, Director Watt was an active member on the Financial Services Committee, on which I have the pleasure of being a member today. He brings a wealth of knowledge on housing policy, but also understands the needs of the community, particularly the African American community.

"He has laid out a clear vision for the future of the FHFA and aims to reform our housing system to better serve working families. This includes refocusing Freddie Mac and Fannie Mae to expand access to home loans that are affordable. We need these types of bold steps to get affordable loans to people who need them.

"I recently joined the Financial Services Committee earlier this year. And I had the incredible honor to fill Director Watt's position on that committee. When he left the Committee, there was a huge void created by his absence. We lost a tremendous voice for African Americans and working families across the country.

"Since I've been on the Committee, Director Watt has been actively engaged in working on housing issues. And I want to personally thank him for taking the time to meet with me on a regular basis to discuss his knowledge, his expertise, and really helping to mentor me as I take on this new role on this important committee.

"He knows greatly the challenges that we are faced with, and the fact that my home state of Nevada has been hardest hit by this crisis.

"I'm so proud that we have such a strong leader leading this agency, and our community needs his leadership and bold vision if we are to finally see the recovery that we desperately need.

"No longer will the plights of our community be ignored, and along with my colleagues in the Congressional Black Caucus, we will continue to work with him on policies that are good for our country as a whole.

"Without further ado, please join me in welcoming Director Mel Watt."

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