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Page 8
lune 29. 2011
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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
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• Area & Oriental Rug
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SEE CURRENT FLYER
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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.