Operation HOPE Founder Joins U.S. Treasury Secretary, Federal Reserve Chairman, FDIC Chair, and Comptroller of the Currency to Discuss the Future of Responsible Low-to-Moderate Income Mortgage Lending at Special Session at FDIC Conference Center
LOS ANGELES, CA–(Marketwire – July 10, 2008) – John Hope Bryant, Operation HOPE (HOPE) Founder and CEO, who also serves as Vice Chair of the U.S. President’s Advisory Council on Financial Literacy (the Council), joined U.S. Secretary of the Treasury Henry M. Paulson, Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corporation Chairman, (FDIC) Sheila C. Bair, along with a host of banking and corporate chiefs and community leaders at the "FDIC’s Forum on Mortgage Lending for Low- and Moderate-Income Households" on July 8th in Arlington, VA. Jamie Dimon, chairman and CEO of JP Morgan Chase, provided the luncheon keynote remarks.
The forum was held to strengthen dialogue in the financial services and lending communities around responsible subprime mortgage lending, examining amongst other things, avenues which could support standards and practices in order to sustain and even expand homeownership in vulnerable communities.
Bryant, who is well-recognized for his work in championing economic opportunities for the under-served, took the occasion to share "best practices" recommendations from the Council Committee on the Under-Served and the recent Committee-approved report, "Recommendation of ‘Best Practices’ for and in Respect to The Future of Responsible Subprime Mortgage Lending," highlighted efforts to promote responsible subprime mortgage lending and the role financial literacy.
"We appreciate that folks are taking their own action to adopt and endorse the Council’s Committee efforts, to identify a set of ‘guiding principles,’ particularly the mortgage industry," said Bryant. He continued, "The Council Committee’s work helps to ‘signal’ to the nation that Washington believes that responsible mortgage subprime lending should continue on some reasonable basis, to responsible less-than-prime borrowers, post-subprime crisis; and probably most significantly the Council’s work to include financial literacy — for the first time ever — in the mortgage lending process."
Bryant’s panel, "Building Relationships, Building Communities: Partnerships that Foster Home Ownership" addressed ways that organizations could facilitate low-to-moderate income lending. The participants also discussed methods used to assist lenders with adjusting loan marketing, underwriting, and monitoring to address LMI borrower needs and circumstances.
Chairman Bair gave the introductory and closing remarks; Secretary Paulson provided the closing keynote, and Chairman Bernanke provided the opening keynote address. An archived viewable webcast is available at http://www.fdic.gov.
About Operation HOPE, Inc.
HOPE is a leading global nonprofit social investment banking and financial literacy empowerment organization. Through its various initiatives and its three principal programs: "Banking on Our Future" (teaching youth about financial empowerment), HOPE Coalition America (financial emergency preparedness and recovery), and the HOPE Center Banking Network (loans, bill pay, computer literacy, understanding banking principles), HOPE is at the forefront of a "Silver Rights" movement to make free enterprise and capitalism relevant to all underserved communities.