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Speech

	June 25, 2005
	ADDRESS TO THE ST. LOUIS REAL ESTATE PROFESSIONALS HOME OWNERSHIP EXPO HARRIS-STOWE STATE UNIVERSITY
Congressman Wm. Lacy Clay
	GOOD MORNING EVERYONE. IT’S A PLEASURE TO BE BACK AT HARRIS-STOWE, AND I WANT TO THANK MY GOOD FRIEND, DR. HENRY GIVENS, FOR HELPING THE ST. LOUIS REAL ESTATE PROFESSIONALS HOST THIS IMPORTANT EVENT. I’M ALSO GLAD TO JOIN WITH MY TWO KEY PARTNERS IN PROGRESS FOR THE ST. LOUIS REGION: MAYOR FRANCIS SLAY, AND COUNTY EXECUTIVE CHARLIE DOOLEY. ALL OF US ARE UNITED IN OUR DRIVE TO INCREASE HOME OWNERSHIP RATES THROUGHOUT ST. LOUIS CITY AND COUNTY; BECAUSE WE KNOW THAT HOME OWNERSHIP IS THE KEY TO BUILDING WEALTH, AND THE KEY TO BUILDING STRONGER, MORE STABLE NEIGHBORHOODS. FOR THE LAST FOUR YEARS, I HAVE JOINED WITH MY COLLEAGUES IN THE CONGRESSIONAL BLACK CAUCUS IN A NATION-WIDE EFFORT TO CREATE ONE MILLION NEW AFRICAN AMERICAN HOMEOWNERS. THE WOW PROGRAM, WHICH STANDS FOR “WITH OWNERSHIP, WEALTH,” HAS ALREADY HELPED THOUSANDS OF FAMILIES MOVE INTO THEIR OWN HOME, EVEN WHEN THEY THOUGHT THAT WAS IMPOSSIBLE. THE WOW PROGRAM WAS SPECIFICALLY DESIGNED TO BRING TOGETHER LENDERS, REALTORS, HOME BUILDERS, CREDIT ADVISORS, NON-PROFIT COMMUNITY GROUPS AND EDUCATORS, TO FOCUS ALL OF OUR ENERGY ON A PERSISTENT NATIONAL PROBLEM….CLOSING THE HOME OWNERSHIP GAP. TODAY, EVEN WITH THE SUCCESS OF THE WOW PROGRAM, ONLY FORTY-SEVEN PERCENT OF AFRICAN AMERICANS OWN THEIR OWN HOMES. THAT IS A FULL TWENTY POINTS BELOW THE OVERALL NATIONAL AVERAGE OF SIXTY-SEVEN PERCENT. WORKING THROUGH THE PARTICIPATING MEMBERS OF CONGRESS, THE WOW INITIATIVE SPONSORS HOME OWNER EDUCATION EVENTS, CREDIT SEMINARS AND HOUSING FAIRS AROUND THE COUNTRY. IN FACT, I HAVE ALREADY HOSTED TWO VERY SUCCESSFUL WOW EVENTS IN ST. LOUIS. AND WE’RE STARTING TO SEE GOOD RESULTS HERE, AND AROUND THE COUNTRY. ACCORDING TO THE LATEST STATISTICS FROM THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT; MINORITY HOME OWNERSHIP IS INCREASING AT FOUR TIMES THE RATE OF THE OVERALL POPULATION. BUT WE STILL HAVE A LONG WAY TO GO. AND I’M ESPECIALLY PLEASED TO SEE TWO OF OUR NATIONAL WOW PARTNERS HERE, PARTICIPATING IN THIS WONDERFUL EVENT. I WANT TO RECOGNIZE AND THANK CLIFTON BERRY OF FANNIE MAE, AND CLAYTON EVANS, OF FREDDIE MAC, FOR ALL THEY ARE DOING TO HELP CREATE NEW HOMEOWNERS. THIS HOME OWNERSHIP EXPO IS A PERFECT OPPORTUNITY FOR ME TO REENFORCE THE MESSAGE THAT HOME OWNERSHIP ISN’T JUST FOR SOME PEOPLE; IT SHOULD BE A REACHABLE GOAL FOR EVERY AMERICAN FAMILY. AND TO ACCOMPLISH THAT, WE NEED TO LET GO OF TWO COMMON MYTHS THAT STOP PEOPLE FROM BECOMING HOME OWNERS. MYTH NUMBER ONE; IS THAT YOU MUST HAVE A BIG PAYCHECK TO BECOME A HOME OWNER; THAT’S NOT TRUE. MYTH NUMBER TWO; IS THAT YOU MUST HAVE A PERFECT CREDIT HISTORY; THAT’S NOT TRUE EITHER. TODAY, THE LENDING INDUSTRY HAS INNOVATIVE PRODUCTS THAT MAKE OBTAINING A HOME MORTGAGE POSSIBLE FOR MILLIONS OF AMERICANS WHO WOULD HAVE NEVER QUALIFIED IN THE PAST. AT TODAY’S EVENT, YOU’LL HAVE AN OPPORTUNITY TO LEARN MUCH MORE ABOUT THAT. IN CONGRESS, I’M CURRENT SUPPORTING THREE BILLS TO HELP EXPAND AFFORDABLE HOUSING AND HOME OWNERSHIP. THE FIRST BILL WOULD CREATE A NATIONAL HOUSING TRUST FUND, WHICH WOULD EXPAND THE POOL OF FEDERAL DOLLARS THAT ARE AVAILABLE TO CREATE AFFORDABLE HOUSING FOR FAMILIES WITH MODERATE INCOMES. THE SECOND BILL, WHICH I JUST AGREED TO COSPONSOR, WOULD DOUBLE THE AFFORDABLE HOUSING TAX CREDIT; WHICH WOULD HELP MANY MORE LOW-INCOME CITIZENS FIND SAFE AND AFFORDABLE HOUSING. AND FINALLY, I AM THE PRINCIPAL SPONSOR OF A BILL THAT WOULD OUTLAW PREDATORY LENDING. PREDATORY LENDING IS A DISGRACEFUL PRACTICE THAT HAS PREYED ON MINORITY AND LOW-INCOME HOMEBUYERS FOR DECADES. IT TAKES ADVANTAGE OF HOMEBUYERS WHO ARE INEXPERIENCED, OR HAVE WEAKER CREDIT, BY OFFERING THEM MORTAGES THAT INCLUDE OUTRAGEOUS INTEREST RATES, UNFAIR TERMS, AND EXTRA CHARGES. I AM COMMITTED TO ENDING THAT KIND OF EXPLOITATION. AND WITH THE HELP OF LEADING INDUSTRY ORGANIZATIONS LIKE THE ST. LOUIS REAL ESTATE PROFESSIONALS, WE ARE MAKING REAL PROGRESS. ONCE AGAIN, THANK YOU FOR BEING HERE AND ENJOY THE PROGRAM.  # #