MBA Chairman Announces Plans To Help Strengthen Minority Homeownership
The Mortgage Bankers Association's 2021 Spring Conference and Expo kicked off today and with it came a strong message from Susan Stewart, MBA chairwoman, chief executive officer of SWBC Mortgage Corporation. In Stewart's address to attendees, she stated that the MBA is looking to tackle the issue of minority homeownership, an issue she says has been worsened by the COVID-19 pandemic.
"When I chose this topic, I broke with tradition," said Stewart. "Previous chairs typically chose three focus areas, not one. But these aren't normal times, and this isn't a normal cause. For the mortgage industry, I believe minority homeownership is the issue of our time."
According to Stewart, nationally, the homeownership rate is around 65% however, Black homeownership rates are only 44%, which is near a 50-year low. For Hispanics, the homeownership rate isn't much better, at 49%, and for Asians, it's 59%.
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