Homeownership Key to Closing Wealth Gap?

Promoting homeownership among African-Americans is the key to narrowing the wealth gap between African-American families and white families, according to Fannie Mae chairman and chief executive Franklin D. Raines. Speaking at the 135th Charter Day Convocation at Howard University in Washington, D.C., Mr. Raines said closing the 20-point gap between the homeownership rate of minorities and the national average homeownership rate will help remedy the legacy of slavery and property denial that afflicts the African-American community. "Owning a home is the working man and woman's capital engine, the democratization of capital," Mr. Raines said. "Owning a home is the only investment -- and the only leveraged investment -- available to most Americans. It is a powerful way to transmit wealth from generation to generation." Fannie Mae can be found online at http://www.fanniemae.com.