President Clinton and Vice President Gore:
Honoring Martin Luther King Jr. Day

"A Day on Not a Day Off"

"One of the songs they sang that I love so well was one of Martin Luther King's favorite hymns and it embodies what we are doing here today. The first line of the hymn is, 'If I can help somebody,' and the last line is, 'then my living will not be in vain.' All these people are here not only because they want to help you, but because their lives are richer because of it."
       President Bill Clinton, January 18, 1999

Today, President Clinton and Vice President Gore travel to the Regency House senior health center, where, to honor Martin Luther King Jr. day as a day of service, they will work with 15 AmeriCorps volunteers to tear down a wall at the health center. At the event, the President will announce the largest lending discrimination settlement in American history -- $6.5 billion in mortgages and special programs designed to help 78,000 minority and low- to moderate-income families become homeowners.

Honoring Dr. King's Legacy With A Day Of Service.
President Clinton and Vice President Gore will commemorate today's national holiday honoring Dr. Martin Luther King by volunteering their time at the Regency House senior health center, where they will work with 15 AmeriCorps volunteers to tear down a wall. This project marks the beginning of full-scale rehabilitation of the senior health center by AmeriCorps members. Regency House is a 160-unit high-rise apartment building for low-income seniors, administered by the D.C. Housing Authority. This year, more than 700 AmeriCorps members will serve with more than 8 projects across the District of Columbia.

A Record Settlement To End Unfair Housing Practices Against Minorities.
At Regency House, President Clinton will announce the largest lending discrimination settlement in American history -- $6.5 billion in mortgages and special programs. When Congress passed the Fair Housing Act in 1968, six days after the assassination of Dr. Martin Luther King, Jr., many of those voting for the measure at the time said it was a tribute to Dr. King. In 1997, the Department of Housing and Urban Development began an investigation into the lending practices of Columbia National Inc., based in Columbia, MD. The mortgage lender, which operates in 28 states, was accused of violating the Fair Housing Act by discriminating against minorities seeking home mortgages. Under the terms of the settlement, Columbia is agreeing to make $6 billion in home mortgage loans to minorities and low- to moderate-income families over the next five years. Columbia National will also spend $529 million over the next five years on the following programs:

• $489 million in closing cost assistance programs and bond programs that subsidize interest rates for minority families and low- to moderate-income families;

• $36.5 million in home rehabilitation loans that will be available through HUD's Federal Housing Administration (FHA) 203k program;

• $2.6 million to advertise the availability of its home mortgages in minority-oriented media; and $1 million to train its staff to deal with fair lending and diversity issues.

The settlement closes HUD's investigation of the lending discrimination charges, and is the eighth and final settlement in this area. The eight settlements, including Columbia, total $10.1 billion. Previous record-high lending discrimination settlements negotiated by HUD in 1998 include: $2.1 billion from AccuBanc Mortgage of Dallas, Texas and $1.3 billion from Temple-Inlan Mortgage of Austin, Texas, with most of the funds going for mortgages targeted to minorities and low-to moderate-income home buyers.