Congressman Horsford Applauds Federal Home Loan Bank of San Francisco’s Initiatives to Close Racial Wealth Gap Through Innovative Mortgage Finance Solutions

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SAN FRANCISCO, Feb. 20, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco commends Congressman Steven Horsford’s (NV-04) unwavering commitment to closing the racial wealth gap and promoting homeownership opportunities for all communities. Horsford, the Chair of the Congressional Black Caucus, spoke at the Bank’s Innovations in Mortgage Finance Symposium and celebrated the Bank’s announcement to accept VantageScore 4.0 for mortgage collateral originated by its lenders.

“We appreciate Congressman Horsford celebrating our work that aims to help many underserved borrowers who have been left out by conventional models reach their dreams of owning a home and building wealth for themselves and their families,” said Teresa Bryce Bazemore, President and CEO of the Federal Home Loan Bank of San Francisco. “At FHLBank San Francisco, we are dedicated to narrowing the black homeownership gap and breaking down systemic barriers to financial inclusion.”

In recent public comments, Congressman Horsford, a member of the House Financial Services Committee, emphasized the significance of homeownership in building intergenerational wealth. He underscored that homeownership not only facilitates financial stability but also serves as a pathway for families to pass on wealth to future generations, thereby reshaping the path to economic empowerment.

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“Homeownership is one of the most meaningful and substantive ways that families build intergenerational wealth in America,” said Congressman Horsford. “When we have homeownership, not only is there money to send our children to college, but it also ensures that wealth can be passed on and helps give our children the opportunity to start their lives differently than many of us.”

About the Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, boost economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient and changing lives for the better.

CONTACT: Contact: Tom Flannigan [email protected]

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