With a goal of addressing the racial homeownership gap, the Mortgage Bankers Association (MBA) recently announced a new initiative known as the Convergence Collaborative. The collaborative comprises the MBA, along with 13 other organizations, such as Freddie Mac, Fannie Mae, and Wells Fargo. Over the next three years, they will allocate over $1 million each year to support local initiatives that promote homeownership among minorities. This initiative comes as the racial disparity in the housing market grows. For decades, the national homeownership rate of minority groups has fallen behind white households by more than 20%.
“The barriers to minority homeownership require a collective effort. In recognition of this challenge, we believe the approach embodied in the CONVERGENCE framework can have a greater impact with this new industry partnership,” said Bob Broeksmit, MBA’s President and CEO. “By working together, we can produce more and faster results that will reduce the racial homeownership gap.”
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