Rep. Chu Applauds CFPB Rule to Improve Collection of Home Mortgage Data

October 30, 2015

Washington, DC – October 30, 2015 – (RealEstateRama) — Congressional Asian Pacific American Caucus (CAPAC) Chair Rep. Judy Chu (CA-27) released the following statement applauding a new rule issued by the Consumer Financial Protection Bureau (CFPB) that improves home mortgage data collection and reporting. CAPAC Members have been advocating for this new rule to better understand the housing needs of the Asian American and Pacific Islander (AAPI) communities for a number of years.

“As CAPAC Chair, improving disaggregated data collection for the Asian American and Pacific Islander (AAPI) community has been a top priority of mine in order to ensure that the unique needs of the diverse AAPI community are properly addressed. This is especially true when it comes to monitoring the emerging trends and practices in our mortgage market.

“At the peak of the mortgage crisis, AAPI homeownership dropped more than any other racial group, which translated into a severe decline in household wealth for millions of AAPIs. With this new rule, financial regulators, housing officials, and policy makers will finally have more detailed information to better understand the housing needs of the AAPI community.”