Fair Housing Secretary To Guest on NAHREP Internet Radio

Over the past three years, critics have loudly proclaimed that political pressure on Fannie, Freddie and lenders to make home loans available to minorities is the cause of the housing crisis. They say the Community Reinvestment Act (CRA) needs to be abolished. Minority real estate leaders Gary Acosta, NAHREP co-founder, and John Fukuda, AREAA chair, will discuss these claims with Fair Housing Secretary John Trasviña on NAHREP Talk Radio on July 27. Author and former housing fellow Alejandro Becerra, who has penned numerous op-eds on the subject, will join them. Be sure to tune in online at: http://www.blogtalkradio.com/nahrep and/or call in and share your opinion during the show by calling: (718) 664-9178.

FHA Commissioner Will Appear at 2010 Conference

FHA Commissioner Dave Stevens

FHA Commissioner Dave Stevens has confirmed his appearance at the October 10-13 NAHREP/AREAA Real Estate & Marketing Conference in Las Vegas. Stevens, who has had close ties with both trade groups since his appointment, will offer a progress report on HUD programs. Online registration for the event is now open at: http://tinyurl.com/26w6bgp Register early for the best rates. Discounted rooms at the Bellagio are available for $149 through July 31. See more details at the link above.

Chaparro To Appear At Freddie Mac Housing Symposium

Alex Chaparro

NAHREP Chair Alex Chaparro will be among prominent housing leaders to appear at the "Rebuilding The Purchase Market" symposium hosted by Freddie Mac on August 3 in Los Angeles at the Los Angeles Marriott. The one-day event will include real estate professionals, housing counselors, loan officers and mortgage brokers in an in-depth discussion about how practitioners can play a role in rebuilding a strong and sustainable purchase market. Attendees will learn more about down payment assistance options, changes in the mortgage approval process, short sales and more. The event, which will be held from 10 am — 5:30 pm, is FREE. Onsite registration begins at 9:30 am.

Blog post offers account of life in the shadow of Arizona's immigration law

Have you caught the recent blog post by NAHREP member Gail Buck? She offer's her Birdseye view of life in Phoenix, Arizona and the charged anti-immigrant climate. Don't think immigration is a housing issue? Get Gail's take at: http://tinyurl.com/279ttz4 . While you're at it, don't forget to post a comment and let us know what YOU think about the issue.

MEMBER NEWS

Foreclosure Sales Through New Vista's Minority Broker Network Tops $1B

New Vista Asset Management, based in San Diego, has sold 8,146 REO properties totaling $1bn in the past 18 months with the majority of it listed with minority-owned brokerages.

According to the firm, 66% of the listings were marketed and sold through minority-owned brokerages serving African-American, Asian and Hispanic communities. Over the last 18 months, these sales have generated $17m in commissions.

New Vista, itself, is minority-owned and operated. Gary Acosta, its chairman, also co-founded the National Association of Hispanic Real Estate Professionals (NAHREP), and New Vista CEO Jim Park is the president of the Asian Real Estate Association of America (AREAA).

The government-sponsored enterprises (GSE's), Fannie Mae and Freddie Mac, servicers and other lenders are required to work proactively with minority and woman-owned firms when marketing and selling REO properties. David Offutt, an African-American broker in the Boston area with Equity Realty Plus, said New Vista allowed his business to break into the industry.

"This is a very difficult business to break into and for too long, minority brokers have been shut out of this segment of the market," Offutt said. "With the large volume of foreclosure losses in our minority communities, we recognize that property disposition is an important factor to rebuilding our local community."

Armando Falcon, CEO of Falcon Capital Advisors, said contracting with diverse base of real estate brokers will be important for housing and finance. "First movers with diverse service networks, like New Vista, are well positioned to help the financial sector achieve sought after diversity and outreach to minority communities," Falcon said.

Chapter News From Around The Network

Texas State Conference showcases Houston-size passion. Event organizers post streaming video live from the two-day conference, including interviews with conference goers. NAHREP Chair Alex Chaparro was the keynote speaker. Members from NAHREP Dallas-Fort Worth, NAHREP Austin and NAHREP San Antonio attended the two-day event. Congrats to Cecilia Hernandez, Michelle Hulse and their team on the great job! NAHREP Los Angeles is planning a summer mixer this week with Karokee, networking and drinks. What a combination! The action kicks off at El Pollo Inka at 6 pm on July 21. Cost is $10 to attend. To attend, contact maria@northhillescrow.com. NAHREP Ventura County will shake it up Margarita style with a July summer mixer this week at Ruby's Café. NAHREP member and entrepreneur Javier Solis will be the keynote speaker at NAHREP Austin's July luncheon this week at the Cool River Café. Javier, who owns Los Taxes and is the past president of NAHREP New York, will offer insights on "Strategies For Success" and how to capture new business opportunities with international investors. NAHREP Salt Lake City is off and running, starting with a working luncheon this month on short sales. Representatives from Wells Fargo and Fannie Mae offered tips to the group.

SPONSOR NEWS


Wells Fargo Is Hiring!

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Apply to Wells Fargo https://www.wellsfargo.com/about/diversity , Click on Find a Job, use search term: Home Mortgage Consultant. This is a draw against commission opportunity.

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INDUSTRY NEWS

Hope Awards Application Period Opens

Applications are now being accepted for the Home Ownership Participation for Everyone Awards. The HOPE Awards is a national industry awards program that recognizes individuals and organizations for their outstanding contributions to increase and sustain minority homeownership.

The HOPE Awards is sponsored by a partnership of real estate associations; awards are conferred every other year. Winners receive $10,000 and paid travel expenses to attend the HOPE Awards in Washington, D.C., in May 2011. Applications will be accepted through December 17, 2010, at www.hopeawards.org.

The categories for the HOPE Awards are Education, Finance, Leadership, Media, Project, Public Policy, and Real Estate Brokerage. Entries are evaluated by a panel of distinguished judges based on the impact of the nominee's work in increasing minority homeownership, use of innovative ideas, minority focus and affordability.

Individuals, nonprofit and for-profit organizations, and state and local agencies are eligible. Self-nominations are encouraged.

FHA Cuts Loans To Borrowers With Credit Scores Below 500

The Department of Housing and Urban Development said that it intends to require borrowers to have scores of at least 500 to qualify for FHA-insured loans. The agency has not required a minimum score before.
The practical impact of this move will be extremely limited; during the second quarter of 2010, no FHA-insured loans were issued to borrowers with sub-500 scores. And, in fact, less than 1% of borrowers were below 580; most loans went to borrowers with scores above 620.

HUD has been expressing increasing concern over default risk in the wake of the housing bust. The percentage of delinquent FHA loans has trended up, as have rates for virtually all mortgage loans.

The FHA had earlier proposed steps to reduce delinquencies and so cut that risk. One was to raise the minimum down payment to 10% for borrowers with credit scores below 580.

Another was to reduce allowable seller concessions to no more than 3% of the sale price. That would force buyers to make more of a financial commitment to their home. Given more "skin in the game," they are less likely to default.
These policies are all still in the proposal stage. Before going into effect, the department is soliciting public comment on the matters for 30 days. Then, it will evaluate the comments before implementing any changes. Source: CNNMoney

Foreclosures fall 5%

The number of foreclosure filings of all types -- including notices of delinquency, auction notices and repossessions -- fell during the first six months of 2010, according to RealtyTrac, the online marketer of foreclosed properties.
There were 1,654,634 properties with foreclosure filings, a 5% decline compared with the previous six months. That equates to 1 out of every 78 homes being at risk. Unfortunately, the pace of bank repossessions quickened, with nearly 270,000 homes lost to foreclosure during April, May and June, a 5% increase over the three winter months. Source: CNN.com