ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release June 25, 2002 #02-30
E-mail: [email protected]

ACB ON COMMUNITY BANKS’ COMMITMENT TO HOMEOWNERSHIP

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Statement by D. Russell Taylor, first vice chairman, America’s Community Bankers, on issuance today of the report, “The State of the Nation’s Housing 2002,” by the Joint Center for Housing Studies of Harvard University:

America’s Community Bankers is proud to be a sponsor of the joint center’s important report on the state of housing in America and its projections of future needs. ACB is the national trade group representing community banks, including those that are primarily mortgage lenders.

The nation’s community banks are dedicated to serving the financial needs of their customers and helping their communities grow and prosper. Community bankers are committed to making the dream of homeownership a reality for all Americans.

Community banks not only finance home purchases, but they work with community groups and others to help low-income and minority families overcome obstacles to homeownership. A major initiative for ACB is the promotion of financial literacy to help prepare potential homebuyers to become home owners, and as a means of fighting predatory and abusive lending practices.

Community bankers strongly support President Bush’s initiatives to increase the rate of homeownership by effectively using federal funds for downpayment assistance, increasing the supply of affordable housing units, and expanding financial education programs for first-time homebuyers. For those families in need of rental housing, community banks remain committed to funding multifamily construction.

On the national level, ACB has pioneered a series of mortgage partnership programs whose goal is to make it possible for participating community banks to never have to turn away a qualified homebuyer, and to offer the most competitive service possible.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

Mr. Taylor is also president and CEO, Rahway Savings Institution, Rahway, N.J.

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