MBA Launches Member Action Pledge to Promote Minority Homeownership, Affordable Rental Housing, DEI
SAN DIEGO—Mortgage Bankers Association Chairman Kristy Fercho announced the Home for All Pledge, an MBA member company action pledge to promote minority homeownership, affordable rental housing and company diversity, equity and inclusion.
Fercho, Executive Vice President and Head of Home Lending with Wells Fargo, announced the action pledge her keynote address here at the MBA Annual Convention and Expo.
“The Home for All Pledge represents a long-term commitment by MBA member companies and employees to promote and ensure greater racial equity and inclusion in housing,” Fercho said. “The time is now for the industry to collaborate on developing policies and best practices to close the racial homeownership gap, remove the barriers to sustainable and affordable housing and support strategies to increase diversity within our organizations.”
Member companies are encouraged to sign the Home for All Pledge and commit to aligning with MBA’s efforts to:
- Foster public policies and industry practices that promote and sustain minority homeownership and affordable rental housing;
- Support market-based solutions through MBA’s place-based CONVERGENCE programs; and
- Champion Diversity, Equity and Inclusion in our workplaces and our industry.
“MBA believes there is a significant need and opportunity for member companies to come together to address and eliminate the racial inequalities that have plagued our communities for generations,” said MBA President & CEO Bob Broeksmit, CMB. “With the industry’s support, the results-driven action plans outlined in the Home for All Pledge will help expand homeownership opportunities for minority households, improve affordability and stability in the rental market and ensure our workforce better reflects the diverse makeup of the communities and borrowers we serve.”
MBA’s Building Generational Wealth Through Homeownership, a policy initiative announced in September, will provide an important framework for the Home for All Pledge. The policy initiative provides industry leadership and direction for reducing the racial homeownership gap; developing and supporting policies that support sustainable homeownership for communities of color; and promoting fair, equitable and responsible lending for minority borrowers.
For more information and to sign MBA’s Home for All Pledge, click here.