FOR IMMEDIATE RELEASE:
February 17, 2023
Kira Camozzi (805) 807-3384
CBC Mortgage Agency supports the Cedar Band of Paiutes Indians Joint Tribal Letter for the Record to the Senate Banking Committee Hearing. Cedar Band of Paiutes Indians, Lower Brule Sioux Tribe, and Rosebud Sioux Tribe submitted a letter to the Senate Banking Committee as joint Tribal testimony for the hearing Record and for the opportunity to inform the Committee on the efforts each respective tribal nations are making to enable homebuyers to purchase a home and become successful homeowners. The federal government recognizes each tribe as independent tribal nations and each tribe owns and operates a national governmental housing finance agency that provides down payment assistance.
Included in the testimony are the following: Recommendations to enhance the transparency of the performance and pricing for the FHA-insured loans assisted by the DPA programs offered by 1,800+ governmental entities as well as recommendations to update and streamline the administration of the Section 184 loan program.
The testimony further states, “As tribal governments, we encourage HUD to engage in robust and meaningful tribal consultation in order for HUD and the Administration’s policy leaders to better understand responsible and innovative housing programs in which our tribal organizations are involved. We are enormously proud of our programs. They are well run, do not pose risk to HUD, FHA or the many first-time, low-to-moderate-income and minority homebuyers who would not be able to purchase a home without the assistance.”
About CBC Mortgage Agency
CBC Mortgage Agency provides secondary financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBC Mortgage Agency takes great care to ensure that the FHA loans perform well, including providing pre-purchase education and 18 months of counseling to borrowers after purchasing their home. These services are provided at no cost to the borrower. In addition, CBC Mortgage Agency regularly reviews its credit and underwriting standards to ensure that the borrowers it assists are credit worthy. CBC Mortgage Agency is a wholly owned subsidiary of Cedar Band Corporation, a federally chartered tribal corporation wholly owned by the Cedar Band of Paiutes, a federally recognized American Indian Band. For more information about CBC Mortgage Agency and its programs, visit chenoafund.org.« Clarification to Program Update from April 26th, 2023: