The Mortgage Bankers Association (MBA) on Monday announced the launch of a new initiative involving 12 other corporate stakeholders. The entities will seek to find potential solutions for closing the racial homeownership gap.

The new initiative comes in the form of a group called the “CONVERGENCE Collaborative,” which is a “coordinated effort to identify and develop solutions to help close the racial homeownership gap,” according to an announcement published by MBA. The group is committing more than $1 million per year “to build on the existing network of location-based CONVERGENCE sites focused on expanding minority homeownership.”

In addition to MBA, the details ⇒

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