National Urban League Congratulates the Congressional Black Caucus for Its Heroic...

National Urban League Congratulates the Congressional Black Caucus for Its
Heroic Efforts to Expand Housing Counseling Services in the 'American Housing
Rescue and Foreclosure Prevention Act of 2008'

NEW YORK,July 23 /PRNewswire-USNewswire/ -- Marc Morial, President and CEO of
the National Urban League, today applauded Congress, and the Congressional
Black Caucus in particular, for providing resources in legislation to address
the severe housing crisis that disproportionately impacts the African-American
community. This landmark legislation, the "American Housing Rescue and
Foreclosure Prevention Act of 2008," is currently under consideration by the
full House of Representatives.

"The National Urban League applauds the Chairman of the Financial Services
Committee, Rep. Barney Frank; the Chairwoman of the Subcommittee on Housing
and Community Opportunity, Rep. Maxine Waters; the Chair of the Congressional
Black Caucus, Rep. Carolyn Cheeks Kilpatrick; Chairman of the House Ways and
Means Committee, Rep. Charles Rangel; and the entire Congressional Black
Caucus for their extraordinary leadership in crafting landmark legislation
addressing the national housing crisis," Morial said. "These congressional
leaders have ensured that the American Housing Rescue and Foreclosure
Prevention of Act 2008 not only addresses the larger problems of industry
giants like Fannie Mae and Freddie Mac, but also specifically targets urban,
low-income and minority communities and homeowners who have been affected by
unscrupulous sub-prime and predatory loans."

According to the National Urban League 2008 State of Black America Report,
blacks hold nearly five times more installment debt than whites, and the
median net worth for African Americans is $11,800, versus $118,300 for whites.

The National Urban League has been in the housing counseling business for over
40 years and currently serves over 40,000 homeowners per year. Because housing
counseling plays a key role in increasing financial awareness and closing the
wealth gap between minority and non-minority households, Mr. Morial has
recommended an expansion of housing counseling and financial literacy services
in an effort to improve the financial situation for minorities with respect to
securing home ownership, maintaining good credit and attaining monetary
savings.

National Urban League (www.nul.org)
Established in 1910, The Urban League is the nation's oldest and largest
community-based movement devoted to empowering African Americans to enter the
economic and social mainstream. Today, the National Urban League
(www.nul.org), headquartered in New York City, spearheads the non-partisan
efforts of its local affiliates. There are over 100 local affiliates of the
National Urban League located in 36 states and the District of Columbia
providing direct services like job training, home ownership and educational
assistance to millions of people.

SOURCE National Urban League

Tia Jackson of National Urban League, +1-212-558-5487, +1-917-309-2231,
tjackson@nul.org