National Urban League President Marc Morial tied homeownership to personal wealth, greater economic empowerment, and closing the gap between blacks and whites in the United States when he described six major policy recommendations designed to minimize obstacles standing in the way of many Americans owning their own homes.

The obstacles the National Urban League Homebuyer's Bill of Rights seeks to overcome are:

• Lack of net savings for downpayments and closing costs
• Lack of information on how to shop for homes and apply for loans
• Lack of quality affordable units in livable locations; and
• Lack of consumer protection

In recognition of skyrocketing mortgage foreclosure rates across the country, particularly in economically depressed areas where homebuyers are more likely to have been saddled with unfavorable non-traditional mortgage terms, Morial said, "It is not enough to put more Americans into their own homes if we fail to arm them with the tools needed to sustain homeownership."

The National Urban League Homebuyer's Bill of Rights makes six policy recommendations designed to overcome these obstacles:

1. The Right to Save for Homeownership Tax-Free
2. The Right to High-Quality Homeownership Education
3. The Right to Turth and Transparency in Credit Reporting
4. The Right to Production of Affordable Housing for Working Families
5. The Right to be Free from Predatory Lending; and
6. The Right to Aggressive Enforcement of Fair Housing Laws

Tags: Fair Housing, Homebuyer's Bill of Rights, homeownership, low-income home buyers, mortgage, Mortgage Foreclosure, National Urban League, predatory lending