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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (June 29, 2011)
jtìortkinb (fibsertier Page 8 lune 29. 2011 Opinion articles do not necessarily represent the views o f the Portland Observer. We welcome reader essays, photos and story ideas. Submit to news@portlandobserver.com. New Prices Effective May 1 ,2 0 1 0 Martin Cleaning Service M^e^SSAR.y 'To O R P É K -To SAVg. Ï T / ^ Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG. $45.00 A sm all distance/travel charge m ay be applied C A R PE T CLEANING 2 Cleaning Areas or more $30.00 Each Area Pre-Spray Traffic Areas (Includes: I sm all H allway) 1 Cleaning Area (only) $40.00 Includes Pre-Spray Traffic Area (Hallway Extra) S tairs (12-16 stairs - With Other Services): $25.00 Area/Oriental Rugs: $25.00 Minimum Area/Oriental Rugs (Wool): $40.00Minimum Heavily Soiled Area: Additional $10.00 each area (Requiring Extensive Pre-Spraying) U PH O LSTERY C LE A N IN G Sofa: $69.00 Loveseat: $49.00 Sectional: $109- $139 Chair or Recliner $25 - $49 Throw Pillows (With th & > Other Services): $5.00 AD D ITIO N AL SER V IC ES • Area & Oriental Rug Cleaning • Auto/Boat/RV Cleaning • Deodorizing & Pet -x Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (503) 281-3949 Separate but Unequal Mortgage Borrowers An anti-American Dream proposal by M arc M orial Home ow ner ship as we know it could be a thing of the past if a pro posed Q ualified Residential Mort gage (QRM) rule takes effect. The proposed rule would be especially damaging to the home- owner aspirations of minority and working class citizens, as I re cently explained in a letter to the heads of the six federal agencies charged with developing risk re tention regulations under the Dodd-Frank Wall Street Reform Act. Here's why. The rule would require pro spective borrowers to present a 20-percent down payment, spend less than 28 percent of their monthly gross income on hous ing, and have total monthly house hold debt capped at less than 36 percent of their income. Most people can't afford to put 20 percent down. And, when coupled with an additional re quirement of near-pristine personal credit standards, these proposed requirements could end the standard 30- year fixed mortgage and re place it with a new class of "high-risk" borrower, for merly known as the responsible middle-class borrower. Housing industry experts agree. In April, a coalition of trade groups including the National Associa tion of Realtors, the National As sociation of Homebuyers, and the Mortgage Bankers Association issued a joint report, saying in part that it would take 14 years for the typical American family to save enough money for a 20- percent down payment. "A 20-percent down payment requirement for the QRM means that even the most creditworthy and diligent first-time homebuyer cannot qualify for the lowest rates and safest products in the mar ket," they added. John Taylor, chief executive officer of the National Commu nity Reinvestment Coalition, calls this a civil rights issue. "What has been proposed es sentially creates a separate and unequal system of finance for people of color and for blue-col lar, working-class people where regardless of your creditworthi ness, of whether you're someone who has a great credit score and pay« your bills on time and plays by all the rules, if you're not well- heeled enough to come up with 20 percent or if your household debt-to-income ratios are high... you're going to go into a separate and unequal category of financ ing where you're going to have to pay more," he said. We agree. Adding high minimum down- payment requirements will only exclude hundreds of thousands of consumers — including le gions of minority renters — from home ownership. And any rule or action that further stifles an already severely depressed housing market for first-time buyers, including many people of color, will also nega tively suppress the entire housing industry — realtors, builders, re tailers, suppliers, and many oth ers. Clearly, what's being proposed is anti-jobs, anti-growth, and in absolute contravention of the American Dream. The American home, by defi nition, reflects much more than mere property. It represents the ability to build wealth for all those with a stable income and a demonstrated history of fi nancial responsibility. It is the foundation of family and com munity, and represents the col lective promise of the chance to b u ild p ro sp e rity th a t la sts through generations. This promise must be reaf firmed and protected in whatever form the new housing finance model ultimately takes. Marc H. Morial is the presi dent and chief executive officer o f the National Urban League.
