{"id":6665,"date":"2020-08-04T12:12:41","date_gmt":"2020-08-04T12:12:41","guid":{"rendered":"https:\/\/chenoafund.org\/?p=6665"},"modified":"2026-03-18T15:53:37","modified_gmt":"2026-03-18T15:53:37","slug":"for-immediate-release-cbc-mortgage-agency-hails-cedar-band-of-paiute-indians-letter-to-white-house","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/for-immediate-release-cbc-mortgage-agency-hails-cedar-band-of-paiute-indians-letter-to-white-house\/","title":{"rendered":"CBC Mortgage Agency Praises Paiute Tribe White House Letter"},"content":{"rendered":"<blockquote>\n<div>\n<div><b>FOR IMMEDIATE RELEASE:<\/b><\/div>\n<div>August 4, 2020<\/div>\n<div><\/div>\n<div><\/div>\n<div><b>CONTACT:<\/b><\/div>\n<div>Jamie Morris (530) 545-9274<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><b>CBC Mortgage Agency Hails Cedar Band of Paiute Indians\u2019<\/b><\/div>\n<div><b>Letter to White House<\/b><\/div>\n<div><i>Cedar Band\u2019s Chairwoman Implores President Trump to Halt Damaging HUD Restriction on Governmental Entities Providing Down Payment Assistance<\/i><\/div>\n<div><\/div>\n<div><\/div>\n<div>CEDAR CITY, Utah \u2013 CBC Mortgage Agency today applauded a letter (attached) sent to President Trump and U.S. Department of Housing and Urban Development (HUD) Secretary Carson, calling on the administration to \u201cCarefully consider the long-term ramifications\u201d of its potential rule to limit the scope of governmental entity down payment assistance providers. The letter further calls on HUD to \u201cConsult with the communities that rely on down payment assistance programs provided by federally chartered government entities\u2026before proceeding with a rulemaking.\u201d<\/div>\n<div><\/div>\n<div><\/div>\n<div>The letter, penned by Delice Tom, Chairwoman of the Cedar Band of Paiutes, which owns the federally chartered tribal corporation, Cedar Band Corporation (CBC), and CBC\u2019s subsidiary, CBC Mortgage Agency, which provides the Chenoa Fund down payment assistance program, responds to HUD\u2019s announced plans for a proposed rulemaking that would have a devastating impact on the Cedar Band, other tribal nations and the millions of minority borrowers.<\/div>\n<\/div>\n<div><\/div>\n<div>\n<div>\u201cIf HUD were to implement its rule to severely restrict the availability of governmental entities providing DPA to borrowers within a specific geographic area, it would cause a devastating impact not only to the Cedar Band\u2019s source of revenue, it would also exclude minorities and low-to-moderate income borrowers who rely heavily on governmental DPA programs like the Chenoa Fund,\u201d said\u00a0<b>Richard Ferguson, President of CBC Mortgage Agency<\/b>.<\/div>\n<\/div>\n<\/blockquote>\n<div><\/div>\n<blockquote>\n<div>\n<div>Chairwoman Tom highlighted the importance of the availability of governmental down payment assistance programs, including the Chenoa Fund, to minorities and low- to-moderate income homebuyers who lack the intergenerational wealth to rely on for down payment assistance, exacerbating the racial wealth and homeownership gap in the U.S.<\/div>\n<\/div>\n<\/blockquote>\n<div><\/div>\n<blockquote>\n<div>\n<div>\u201cIn the first quarter of 2020, the U.S. Census Bureau reported the country\u2019s overall homeownership rate was 65.3 percent. Among white households, the homeownership rate is 73.7 percent. However, the black homeownership rate is only 44 percent, hovering near 50-year lows,\u201d the letter continued.<\/div>\n<\/div>\n<\/blockquote>\n<div><\/div>\n<blockquote>\n<div>\n<div>In 2019, over 55 percent of CBC Mortgage Agency\u2019s borrowers were minorities. Nearly 35 percent of those borrowers were the first generation in their family to ever own a home.<\/div>\n<\/div>\n<\/blockquote>\n<div><\/div>\n<blockquote>\n<div>\n<div>\u201cWe strongly support Chairwoman Tom and other efforts by the Cedar Band to defend the availability of affordable DPA programs across the country to potential homebuyers seeking the American Dream of homeownership, which is at serious risk if HUD has its way,\u201d concluded Ferguson.<\/div>\n<\/div>\n<\/blockquote>\n<div><\/div>\n<blockquote>\n<div>\n<div><b>About CBC Mortgage Agency<\/b><\/div>\n<div><i>CBCMA provides\u00a0<span class=\"il\">secondary<\/span>\u00a0financing to borrowers, who are receiving loans insured by the Federal Housing Administration (FHA). CBCMA takes great care to ensure that the FHA loans perform well, including providing education as well as 18 months of counseling to borrowers after the purchase of their home. In addition, CBCMA regularly reviews its credit standards to ensure that the borrowers it assists are credit worthy.<\/i><\/div>\n<div><i>CBCMA 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 CBCMA and its programs, visit\u00a0<a href=\"https:\/\/chenoafund.org\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/chenoafund.org\/&amp;source=gmail&amp;ust=1596902404428000&amp;usg=AFQjCNF9GjhBPtcsG98WExDPXZZzMZ9W-A\">chenoafund.org<\/a>.<\/i><\/div>\n<div><\/div>\n<\/div>\n<div>See full press release here: <a href=\"https:\/\/chenoafund.org\/wp-content\/uploads\/2020\/08\/WH-ltr_Chairwoman-Delice-Tom_DTomsig_Final_FE1.pdf\">WH ltr_Chairwoman Delice Tom_DTomsig_Final_FE[1]<\/a><\/div>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>FOR IMMEDIATE RELEASE: August 4, 2020 CONTACT: Jamie Morris (530) 545-9274 CBC Mortgage Agency Hails Cedar Band of Paiute Indians\u2019 Letter to White House Cedar&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37],"tags":[477],"class_list":{"0":"post-6665","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-chenoa-talk","7":"tag-cedar-band-of-paiute-indians"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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