Phase Two Communications
NAHREP: Immigration Reform Could Generate $500 Billion in New Real Estate Transactions
(SAN DIEGO) May 20, 2013 - If current legislation that creates a path to legalization for 11 million undocumented immigrants is passed, the nation's Hispanic real estate leaders estimate that it would create a new pool of 3 million homeowners and pump more than $500 billion* in sales, income and spending into the U.S. housing economy. According to an info graphic released today by NAHREP, the chain reaction triggered by home purchases would drive demand for more than $500 billion in real estate transactions and an additional $233 billion in origination fees, real estate commissions and consumer spending associated with homeownership. A copy of the info graphic is available at http://nahrep.org/immigration-reform.
Based on previous estimates from analysts, NAHREP officials calculate that as many as 6 million undocumented immigrants are likely to pursue legalization and possibly citizenship under the bill and up to 3 million would pursue homeownership based on the patterns of naturalized Latinos.
"Foreign-born householders have a high value and strong desire for homeownership," said Juan Martinez, NAHREP president. "They have been here in our midst for years, working and participating in our economy. Legitimizing them through immigration reforms would finally give them the access and the confidence to buy homes."
NAHREP based its projections on updated data and the approach it used for its 2004 study "The Potential for Homeownership Among Undocumented Workers," to estimate the economic impact on the current housing economy.
- Assuming past purchase trends among foreign-born householders remain consistent, half or up to 3 million of the 6 million undocumented immigrants that are expected to pursue legalization, will also buy a home once they have legal status;
- Many of the undocumented foreign-born householders have age and income characteristics associated with potential homeownership with household incomes of about $40,000;
- Up to 3 million undocumented foreign-born householders could potentially afford a home worth $173,600, the national median sales price of a home. This would generate more than $500 billion in new mortgages, and about $25 billion in mortgage origination and refinance income;
- Assuming an average of 5.5 percent in sales commissions for these home sales, these purchases would create $28 billion in income within the real estate community;
- Home purchases by 3 million legitimized immigrants would create $180 billion in additional consumer spending within local communities based on the average $60,000 in associated purchases estimated by the National Association of Realtors in 2012.
- *These estimates are factored over a five-year period.
"If we can get past the anti-immigrant sentiment that has so strongly colored the national conversation around immigration reform, we will see just how much our U.S. economy has to gain by legitimizing these people," added Martinez.
Other housing and corporate leaders that work closely with the underserved market agree that legalization will spark swift interest in homeownership among these Latinos because they are already established in communities here in the U.S.
"Homeownership is an integral part of the American Dream in the undocumented immigrant community. Our estimates in 2004 were very conservative and we received many calls from consumers who wanted to know what lenders were offering these loans," said Gary Acosta, NAHREP co-founder and a veteran housing leader who was chairman of NAHREP when the 2004 study was conducted. "With the possibility of a legitimate path to residency and citizenship, we expect this group to be eager to buy homes."
"Immigration reform would unleash pent-up demand for homeownership by millions of undocumented immigrants. It would help re-establish homeownership as a driving force in building wealth and accelerate the recovery of the nation's economy," said Alejandro Becerra, a former senior housing fellow, researcher, author and recipient of the 2011 HOPE Award.
In its annual policy statement issued last March, NAHREP leaders advocated for immigration reform at the federal level that would create a path to citizenship for undocumented immigrants and their children and bring them out of the shadows.
Hispanic Real Estate Leaders to Government Officials: Reverse Investor-Favored Policies that Limit Housing for New Buyers
NAHREP Leaders Issue Call to Action to Lawmakers to Address Policies that Have Created Inventory Shortage, Competitive Advantage for Investors, Threatened Access to Credit
(SAN DIEGO) March 27, 2013 - Hispanic real estate leaders called on lawmakers and government officials last week to reverse investor-favored policies that have created an imbalance in housing inventory and unfavorable conditions for Hispanics and other first-time homebuyers. Executives of the National Association of Hispanic Real Estate Professionals specifically cite Fannie Mae and Freddie Mac REO to Rental programs that eliminate affordable housing stock from the market and fuel an unfair race between owner-occupant buyers and investors. The programs, they say, create large investor-controlled housing markets and undermine the economic stimulus and recovery owner-occupant buyers can bring to the U.S. economy.
In 2012, investors purchased 50 percent of all homes selling for $250,000 or less, with the majority of these transactions driven through bulk sales, auctions and drop-bid trustee sales, according to NAHREP leaders. The net effect of the trend will turn owner-occupant neighborhoods into renter communities.
"Wall Street wins again! Hundreds of thousands of residential properties are being purchased by large investors through channels that are unavailable to owner-occupant buyers," said Juan Martinez, NAHREP President. "With new housing construction still at a low and buyer demand on the rise, these programs have eliminated housing stock from the owner-occupant market at a time when first-time homebuyers can buy affordable housing at low interest rates."
The call to action by Hispanic real estate leaders comes on the heels of a new report on the State of Hispanic Homeownership, a 24-page analysis that cites Latino gains in jobs, income and education that make them mortgage-ready and eager to buy. The potential of the market could not only drive a housing recovery and deliver much needed stimulus to foreclosure impacted states, but also give echo boomer Latinos a chance to accumulate wealth, according to the report released by NAHREP.
More than 90 percent of all foreclosed homes in the Phoenix area in 2012 were sold to investors when agents in the market report having 10 fully qualified buyers for every home listed in the market by an agent, say Hispanic real estate leaders. NAHREP agents report similar trends in other markets like Las Vegas, Miami, Sacramento, Los Angeles and the Inland Empire (east of LA).
"Failure to provide home buying opportunities to some of the most important growth segments of our nation - such as the Latino community - not only jeopardizes economic growth for our nation, it compromises the long-term financial stability of a generation," said Martinez.
As part of its call to action to policy makers, Hispanic real estate leaders also recommend balanced mortgage credit rules that do not restrict access to credit, changes that support the health and solvency of the FHA fund and sensible immigration reform that preserves the nation's labor pool and provides a route to citizenship for undocumented individuals and their children.
NAHREP is asking the White House and policy makers on Capitol Hill to urge regulators at FHFA, OCC and HUD to make owner occupant sales of REO properties and short sales a national priority. Specifically NAHREP recommends:
- HUD require foreclosed properties on notes that have been sold through the Distressed Asset Stabilization Program to follow the same First Look policies that FHA REO protocols require
- Federal Housing Finance Agency discontinue the REO to Rental program in markets where property values increased in 2012 or where for sale inventories have fallen below historic levels
- Office of the Comptroller of the Currency to track and publish owner occupancy sale percentages on foreclosed properties including properties sold at trustee sales or where the servicing of the loan has been made to a non regulated third party servicers
Hispanics continue to lead the surge in U.S. homeownership. They accounted for 51 percent of the total net increase of 693,000 owner-households added in 2012. This is the tip of the iceberg because Latinos will dominate new household formation in the coming years say NAHREP leaders. For now, this is an untapped potential that can't move the market until these conditions improve.
The National Association of Hispanic Real Estate Professionals and the NAHREP Foundation, a nonprofit charitable organization, publish the State of Hispanic Homeownership annually. For a copy of the report, go to http://nahrep.org/state-of-hispanic-homeownership. For a copy of NAHREP's policy positions, go to http://nahrep.org/policy-positions
The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 20,000 members in 48 states and 50 affiliate chapters.
NAHREP Report: Hispanics Lead First-Time Homebuyer Purchases, though Scarce Inventory and Unfair Conditions Keep Most on the Sidelines
Gains in Household Formation, Jobs, Income & Education Make Latinos Homeownership-Ready and Poised to Drive Strong Demand Now Say Hispanic Real Estate Leaders
SAN DIEGO/WASHINGTON D.C.) March 26, 2013 - Hispanics are the fastest growing group of first-time homebuyers and have the purchase power to push the U.S. housing recovery into high gear now if inventory shortages and investor-favored regulations didn't challenge them, according to the 2012 State of Hispanic Homeownership Report published this week by the National Association of Hispanic Real Estate Professionals (NAHREP). The 24-page document offers an update on the Hispanic homebuyer market and traces the minority group's rise in household formations, jobs, income and education - variables that make them homeownership-ready and able to drive demand in the current first-time homebuyer market. A digital copy of the report is available for download at: http://nahrep.org/state-of-hispanic-homeownership.php
"Despite a difficult economic environment and a tight mortgage market, Latinos are making gains in all the ways that make them ready for homeownership," said Juan Martinez, the newly elected president of NAHREP. "Their biggest obstacle now coming into the market isn't the credit crunch, it's the lack of available housing to purchase. They will play an increasingly significant role in the nation's home purchase market, if conditions permit."
According to the report, Hispanics continue to lead the surge in U.S. homeownership and accounted for 355,000 or 51 percent of the total net increase of the 693,000 owner households. This trend has unfolded over the past 12 years and shows homeownership gains in all but two of those years, despite losses suffered during the foreclosure crisis. The number of Hispanic homeowners grew from 4.24 million in 2000 to 6.69 million in 2012, a remarkable increase of 58 percent at a time when the rest of the U.S. population saw a net increase of only 5 percent.
Notably, the data indicates that while the Hispanic homeownership rate has dropped from 47.5 percent to 46.1 percent since 2010, the total number of owner households has increased by nearly 500,000. This is due to the net increase of more than 1 million total Hispanic households in the U.S. during the same two-year period. As their population soars and Latinos start to buy housing en masse the most outstanding metric of their impact will be the total owner-occupant housing units purchased, not the homeownership rate.
The report, which was researched and produced by NAHREP, asserts that a combination of economic and demographic trends explain why this colossal consumer segment will be a reckoning force behind the revitalization and growth of the nation's economy for the foreseeable future. Some of the key statistics highlighted in the report include:
- Population Driver: Hispanics continue to lead population growth in America. Hispanics have accounted for more than half of the U.S. population increase over the past decade. Every month, 50,000 young Hispanics reach the age of 18. More notably, Hispanics dominate household growth. Over one million Hispanic households were formed in 2012, compared to a decrease of 704,000 non-Hispanic White households.
- Education: Hispanics are achieving higher educational milestones. Hispanics are now the largest minority group on the nation's college campuses. In 2011, the number of 18 to 24-year-old Hispanics enrolled in college exceeded two million and reached a record 16.5 percent share of all college enrollments.
- Employment and Income: Hispanics are dominating the growth of the nation's workforce. In 2012, Hispanic job growth accounted for approximately half of total U.S. job growth. They are also earning more. Forty percent of Hispanic households earned over $50,000. Hispanic households earning more than $50,000 are growing at a faster rate than that of the total number of U.S. households.
- Consumerism: Hispanic purchasing power exceeds $1 trillion. The purchasing power of Hispanics is estimated to be $1.2 trillion and is projected to grow to $1.5 trillion by 2015.
- Homeownership: Hispanics continue to lead the surge in U.S. homeownership. In 2012, Hispanics accounted for 355,000 or 51 percent of the total net increase of 693,000 owner households in the U.S. Surveys show they remain passionate about homeownership. Fifty-six percent of Hispanics said that a major reason to buy a home was because it represents a symbol of success or achievement, compared to only 32 percent of all Americans.
Hispanic real estate leaders assert that despite historic low rates and housing values and the sizable opportunity this market presents, large investor controlled housing markets threaten the growth of Hispanic homeownership. Specifically, government and corporate policies like REO to rental programs have removed affordable housing stock from the owner-occupied market, creating an imbalance in supply and demand. This constitutes the most significant barrier to Hispanic homeownership, according to NAHREP leaders.
"It is critical to understand the demographic trends which are likely to impact housing demand in the years ahead. This report provides information for lenders, builders, and policymakers regarding the future shape of housing demand, which will be substantially impacted by the housing choices of Hispanic households," said Mike Fratantoni, Vice President of Research and Economics for the Mortgage Bankers Association.
The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 20,000 members in 48 states and 50 affiliate chapters.
Established in 2012, the NAHREP Foundation is a non-profit charitable organization whose mission is to advance sustainable Hispanic homeownership through strategic engagement in efforts focused on financial literacy, education and community development. The State of Hispanic Homeownership Report is a publication of NAHREP and the NAHREP Foundation.
NAHREP Honors Civil Rights Advocate Molly Munger With Founders' Award
SAN DIEGO/LOS ANGELES (October 5, 2012) – The National Association of Hispanic Real Estate Professionals will present the 2012 NAHREP Founders' Award to Molly Munger, an attorney and current champion of the Our Children, Our Future California tax initiative that appears on the ballot this November and widely impacts the Latino community. The award will be presented next week at a gala held during the 2012 Membership & Industry Leaders National Convention hosted by the National Association of Hispanic Real Estate Professionals at the JW Marriott at LA Live.
Munger, who is the daughter of Charlie Munger, Vice Chair of Berkshire Hathaway, is co-director of the Advancement Project - a public policy change organization rooted in the civil rights movement. She is the primary advocate behind California Proposition 38, a statewide campaign advocating a state income tax that will fund public education programs and learning opportunities for children across the state. Low-income Latino children, in particular, will benefit from the education funding. Her work at Advancement Project focuses on large-scale systems changes to remedy inequality and open paths to upward mobility.
"The connection between education and the ability to buy and own a home is unmistakable for Latinos. We are already starting to see the economic gains of Latino youth who have completed high school and college," said Ernie Reyes, co-founder of NAHREP. "We salute the work Molly Munger is doing on behalf of low-income children in creating access to upward mobility through education."
Each year, NAHREP recognizes individuals that have distinguished themselves by their work in support of sustainable Hispanic homeownership and for community service and other efforts to improve the quality of life for Hispanics in America. The annual awards go to people in the corporate and non-profit world.
NAHREP Honors Henry Cisneros, Consuelo Kickbusch, Luis Valdez With NAHREP Latino Vanguard Award
Distinction Recognizes Hispanic Leaders For Their Work In The Community & The Positive Image They Promote For Hispanic America
(SAN DIEGO) October 5, 2012 – The National Association of Hispanic Real Estate Professionals recognized Henry Cisneros, former HUD secretary, entrepreneur and Latino leader; Retired Lieutenant Colonel Consuelo Kickbusch, a motivational speaker and the one-time highest-ranking Latina in the U.S. Army; and Luis Valdez, an acclaimed and award-winning playwright with the NAHREP Latino Vanguard award. The NAHREP distinction is reserved for public figures whose contributions have improved the image and quality of life for Latinos in the United States. The award will be presented during a ceremony at the association's national conference in Los Angeles next week.
"The efforts of prominent Latino leaders to advance positive perceptions of Latinos in Hispanic America through their work and leadership benefits everyone in the Hispanic community," said NAHREP President Gerardo "Jerry" Ascencio. "It is our privilege to recognize them with this lifetime achievement award."
Cisneros, who was the tenth secretary of HUD in the Clinton Administration and now a prominent entrepreneur, is a recognized advocate for the Latino community. He serves on many corporate and nonprofit boards to promote Latinos and immigrants and to further fair housing policy. Right after public office, he was president and COO for the Spanish-language network Univision, before forming American City Vista and then CityView of which he is executive chairman.
Kickbusch is a success story that emerged from the barrio in Laredo, Texas. She broke barriers in the U.S. military after graduating from Hardin Simmons University when she became the highest-ranking Latina in the Combat Support Field of the U.S. Army. After her retirement from the military, she became a community leader through her company Educational Achievement Services where she advocates education. She is also a diversity and inspirational speaker who often appears at industry conferences and corporate events.
Valdez is the son of migrant farm workers and an acclaimed playwright and film director and a prominent figure in the Chicano movement. He created the farmer worker's theater group El Teatro Campesino and penned the play Zoot Suit, a story about young Chicanos charged with a murder they did not commit. He is best known for the film La Bamba, about Chicano rock and roll star Richie Valens, celebrates the 25th anniversary of its release this year.
Clinton, Villaraigosa, Housing Leaders to Highlight LA Conference Of Nation's Hispanic Real Estate Leaders, Agents
Annual Meeting Will Include Hispanic Market Update, First-Ever List of Nation's Top 250 Latino Agents and the NAHREP Latino Vanguard Awards
(SAN DIEGO) October 1, 2012 - Former President Bill Clinton, Los Angeles Mayor Antonio Villaraigosa and housing leaders from across the nation will meet with Latino real estate professionals at the Membership & Industry Leaders National Convention hosted by the National Association of Hispanic Real Estate Professionals later this week in Los Angeles. Clinton's appearance marks the first time a US president has addressed Latino real estate leaders. About 2000 Hispanic real estate professionals are expected to attend the conference that kicks off at the JW Marriott at LA Live on October 7. For a copy of the full agenda, go to: http://nahrep.org/convention/
The national convention is the largest forum of its kind on Hispanic homeownership and attracts housing experts, corporate executives, elected officials and Latino real estate leaders from across the nation.
This year, the association will introduce the first-ever list of the top 250 Hispanic real estate agents in the nation and announce a report on the impact of supplier diversity amid foreclosure losses in the Latino community. For the first time, Hispanic real estate leaders will also single out and distinguish three Latino standouts for their contributions toward improving the quality of life for Latinos in the US with the first annual NAHREP Latino Vanguard Awards.
"The growing prominence of Latino consumers in American life and the housing market are adding a new level of importance to these meetings," said NAHREP President Gerardo "Jerry" Ascencio. "The conversation has shifted from underserved minority to untapped 'majority' and the strength its buying clout can bring the real estate market."
President Clinton will offer keynote remarks on "Embracing our Common Humanity" during one of the general sessions. Other general sessions include a Industry Leaders Town hall with Rick Davidson, CEO of Century 21; Chris Polychron, VP of the National Association of REALTORS; Brad Inman, CEO of Inman Media and Thasunda Duckett, head of National Retail Sales at Chase. In a separate luncheon session on Tuesday, Civil Rights Attorney Molly Munger will address the group about the uncovered linkages in the rise of Latino children in the public school system and the decrease in funding.
The meetings will also include experts and breakout sessions on key issues like short sales and REO disposition strategies, the current lending environment, marketing strategies and technology.
NAHREP Releases Nation's First Ever Top Latino Real Estate Agent 2012 Rankings
Residential Real Estate Agent Rankings Focus on Nation's Latino-Centric Markets
(SAN DIEGO) - The National Association of Hispanic Real Estate Professionals released the industry's first ever comprehensive list of the top-producing Latino residential real estate agents in the U.S. today. A list of the top 250 rankings is available in a downloadable digital file at www.nahrep.org.
The list is the result of analysis conducted by NAHREP of local market MLS (Multiple Listing Service) data in the nation's leading key markets with a concentration of Hispanics and through self-nomination. An independent consultant performed the analysis on behalf of the association. More than 10,000 agents and about 100 self-nominated agents were evaluated as part of the rankings. The list of top 250 Latino agents is based on total transactions closed in 2011. Annual transactions for the top producers ranged from 33 to 584 for the top agent.
"This is the first ever recorded list of the nation's top producing Latino real estate agents and a sign of what's to come," said NAHREP President Gerardo "Jerry" Ascencio. "With Latinos emerging as a homebuyer force in the nation's housing market, the significance of this list of performers is going to grow exponentially."
The top 10 producing Latino real estate agents in the U.S. are:
- Juan Martinez, Century 21 Martinez & Associates, Las Vegas, Nevada
- Gail Buck, Gail Buck Realty, Scottsdale, Ariz.
- David Acosta, ERA Sellers Buyers & Associates, El Paso, Texas
- Leo Pareja, Keller Williams Realty, Reston, Va.
- Nathan Martinez, RE/MAX Professionals, Glendale, Ariz.
- Ben Caballero, Homesusa.com, Dallas, Texas
- Marty Rodriguez, Century 21 Marty Rodriguez, Glendora, Calif.
- Jason Laos, JK Realty, Gilbert, Ariz.
- Chris & Natascha Tello, Keller Williams Realty, Hollywood, Fla.
- Art Acosta, ERA Regency REALTORS, Chino, Calif.
Click here for the list of the top 250 Latino real estate agents in the nation. Sales production data is representative of the 2011 calendar year. Ethic background was confirmed through a combination of independent research and self-attestation.
The top 250 producers will be recognized at NAHREP's Membership & Industry Leaders National Convention in Los Angeles at the JW Marriott LA Live in October
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NAHREP Launches Weekly Webcast Talk Show
ESN to Educate, Inform Real Estate Agents and Industry Professionals about Association News and Industry Developments That Impact Latinos
(SAN DIEGO) July 9, 2012- This week the National Association of Hispanic Real Estate Professionals
introduces a brand new weekly video webcast talk show as part of an expanded multimedia
communications program for its 20,000 members and affiliates. The show "Esta Semana en NAHREP
(ESN)" will offer members and industry professionals the latest information on standout Hispanic real
estate professionals, the Hispanic perspective on policy issues and industry developments, business tips
and a lighter look at how Latino culture is impacting the nation. The webcast begins its broadcasting
schedule this week and can be viewed on demand at its YouTube channel: http://www.youtube.com/user/nahrepesn/videos
NAHREP President Gerardo "Jerry" Ascencio and Carmen Palumbo, a former E! Entertainment host,
will co-anchor the webcast and Maria Felipe, of World Wrestling Entertainment (WWE) fame, will join
a team of NAHREP leaders as correspondents delivering news and information about the association,
public policy, and housing issues as they impact Latinos and will also examine Latin influence on
"We are thrilled about this new program because it delivers news about NAHREP and the Hispanic
perspective on housing in an emerging medium that is fresh and exciting," said Gary Acosta, NAHREP co-
Esta Semana is the latest addition to the association's multimedia communications program that
includes NAHREP Connect, an exclusive social network for Hispanic real estate professionals; The Voice
of Hispanic Real Estate, an Internet talk radio program; and NAHREP Update, a soon to be re-launched
Hispanic Real Estate Leaders Pleased with Supreme Court Decision on Arizona's SB1070
(SAN DIEGO) June 25, 2012 – The National Association of Hispanic Real Estate Professionals (NAHREP) applauds the Supreme Court's ruling today that strikes down the key provisions of Arizona's SB1070 immigration law. The 20,000 members of NAHREP remain concerned about the impact of the provision of the Arizona law that has been left intact that will require police to check the immigration status of those suspected of being in the country illegally.
"We are pleased that the Supreme Court has struck down three of the four provisions of Arizona's immigration law and urge our nation's lawmakers to act on comprehensive immigration reform quickly to fix our broken immigration system," said NAHREP President Gerardo "Jerry" Ascencio.
NAHREP members who live and work in Arizona say that the remaining provision will perpetuate the climate of prejudice against Latinos if local law enforcement officials are checking immigration status of people based on appearance. "The safety and civil rights of all Americans must be preserved and we cannot allow our Latino community to be victimized based on the color of their skin, stature and surname," said Ascencio. "The answer is comprehensive reform that is mandated at the federal level and not left to the states."
NAHREP advocates comprehensive immigration reform that secures US borders, increases legal immigration that supports our workforce needs, creates a path to legal residency or citizenship for law abiding people who have worked in the US for a substantial period of time and includes passage of the DREAM Act. This is one of the tenets of the 2012 policy plan that Hispanic real estate leaders presented to US lawmakers earlier this year.
NAHREP Hails Obama Move To Stop Deporting DREAM Act Immigrant Children
(SAN DIEGO) June 15, 2012 – The National Association of Hispanic Real Estate Professionals (NAHREP) hails today's move by the Obama administration that will stop deportations of some young illegal immigrants who entered the United States as children. The new policy will grant people younger than 30 who came to the U.S. before the age of 16 and pose no criminal or security threat, were successful students or served in the military a two-year deferral from deportation.
"This is a break-through moment for US immigration policy and the Latino community," said Gerardo "Jerry" Ascencio, NAHREP President. "This is the right thing to do for hundreds of thousands of immigrant children who are in every way, shape and form Americans at heart. We applaud the president and his administration for adopting this policy."
Ascencio, who became a US citizen last year after being a legal resident since he was a child, was just an infant when his own parents came to California in 1968. Both of his parents were undocumented at the time. "My parents came here to work and to create a better life for our family. I grew up as an American and have only ever thought of myself as an American so I know firsthand the joy and relief these people feel right now," he said.
NAHREP appealed to lawmakers earlier this year through its 2012 Policy Plan to adopt federal resolutions that would create a path to citizenship for children of undocumented people and thereby creating access for them to legitimate jobs and wages, fundamental banking services and housing.
"NAHREP supports passage of the DREAM Act and believes it is in the best interest of the nation's workforce and economy to legitimize these people in a way that allows them to emerge from the shadows and become stakeholders in the American Dream through their own contributions," added Ascencio.
While the Administration's deferral of deportations is not going to solve all of the nation's immigration related issues, NAHREP sees this as a positive move towards the implementation of comprehensive and sensible immigration policy reforms for America.
Stop Mortgage Fraud
With the recent landmark National Mortgage Settlement between the nation's five largest real estate loan servicers and state attorneys general, troubled homeowners are at risk of falling victim to scam artists offering mortgage modification and other foreclosure prevention services
Gerardo Ascencio Named NAHREP President
Juan Martinez installed as President-Elect; Duo Will Lead Nation's Largest Hispanic Real Estate Trade Group
(SAN DIEGO) March 26, 2012 – The National Association of Hispanic Real Estate Professionals (NAHREP) announced the installation of Gerardo "Jerry" Ascencio, a Southern California-based real estate broker, as the 2012-2013 president of the nation's largest and fastest growing trade association for Hispanic real estate professionals. Ascencio, who has served as NAHREP's president elect, joined the national leadership team in 2009 as a member of the national board. He succeeds outgoing President Carmen Mercado of Long Island, NY. Juan Martinez, one of the leading Latino real estate brokers in Nevada, succeeds Ascencio as president-elect. The pair was sworn in during NAHREP's annual legislative conference last week in Washington D.C. and will serve one-year terms in these roles.
"Jerry Ascencio is part of a movement of young NAHREP leaders that will carry the message of our group and the important role it must play in the housing recovery," said Gary Acosta, co-executive director of NAHREP. "Jerry is a strong leader and one of the finest communicators in the business. His passion and advocacy will help propel NAHREP in a new era."
Ascencio, a Mexican immigrant from Michoacán, is a 22-year veteran of real estate. He co-founded his first office, San Fernando Realty, in 1993 with six agents. Today his company employs over 50 agents and is one of the leading brokerages in the greater Los Angeles area. Ascencio has also been an active leader with the Southland Regional Association of Realtors and has served in several leadership positions including their Board of Directors.
Juan Martinez is the broker/owner of RE/MAX Executives in Las Vegas. He is the number one Hispanic Agent in the Silver State closing more than 500 transactions per year. He has placed within the top three agents in closed transactions for the past decade and is the number one Hispanic agent in buyer transactions for the Valley. Martinez is also the former president of NAHREP Nevada, which under his leadership became the first NAHREP chapter in the country to exceed 1000 members. He also serves on NAHREP's national board and is the national membership committee chair.
Hispanic Real Estate Leaders Recommend Policy Plan That Promotes Access To Homeownership For Latinos, First-Time Buyers
NAHREP Group Says Housing Policy Must Be Shielded From Washington Politics, Preserve Access To Affordable Mortgage Credit For Next Wave of Buyers
(SAN DIEGO/WASHINGTON DC) March 22, 2012 – The nation's Hispanic real estate leaders presented lawmakers with policy recommendations that are essential to preserving access to homeownership for the next wave of first-time homebuyers, half of whom will be Latino. The six-point plan, which was offered by the National Association of Hispanic Real Estate Professionals during its annual policy event in Washington DC this week, addresses current barriers that challenge Hispanics and other new homebuyers.
"A young, eager new generation of Latino households that were largely unaffected by the housing crisis, have high aspirations for homeownership and are waiting in the wings for their chance to buy homes," said Carmen Mercado, NAHREP President. "They are the face of the next wave of homebuyers with the purchasing power to revive the housing market."
Latinos are forecasted to comprise 50 percent of new buyers between now and 2020. Hispanic real estate leaders are recommending a six-point plan that they believe is essential to creating an environment that supports the recovery of the market by making it possible for new buyers to buy homes at record low prices and interest rates, including bank-owned foreclosure properties. The plan calls for:
- Government support of a mortgage market system that includes FHA, VA, Fannie Mae and Freddie Mac and/or new GSE-like entities;
- No new taxes, fees (or elimination of the mortgage interest deduction) that would increase the cost of affordable housing;
- Appropriate budget support for supplier diversity initiatives included in the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Housing and Economic Recovery Act. Increased diversity in the financial services sector, senior management hires and real estate service providers is essential in the future minority-dominant marketplace;
- Support of distressed property management strategies that help responsible homeowners, favor owner-occupant buyers, promote lease-to-own REO rental options and fast track short sale transactions through servicer incentives;
- Commonsense immigration reforms that protect our borders; create a pathway to legal residency or citizenship for individuals that have lived and worked in the U.S. for some time; preserve the nation's labor pool; provide a route to citizenship for children of undocumented individuals and end the climate of hate and intolerance directed at the Latino community.
- Support for financial education and counseling programs that promote financial literacy among mortgagors
"The choices we make now will set the pace for our nation's economic recovery. Intelligent, commonsense policy that preserves access to safe, affordable mortgage credit for a mega market of Hispanic consumers will benefit our nation with a purchase cycle that lasts years," said Gary Acosta, co-founder and co-executive director of NAHREP.
To view the association's policy recommendations, go to: http://nahrep.org/downloads/2012-policy-plan.pdf
President Bill Clinton To Address Hispanic Real Estate Leaders At 2012 NAHREP® Convention In LA
(SAN DIEGO) March 21, 2012 - President Bill Clinton, founder of the William J. Clinton Foundation and 42nd President of the United States, will address Hispanic real estate leaders at the 2012 NAHREP® Membership & Industry Leaders National Convention at the JW Marriott at LA Live in Los Angeles on October 6-9, 2012. The annual meeting is hosted by the National Association of Hispanic Real Estate Professionals®, and is the single largest forum for Hispanics that work in the housing and real estate industry.
"We are thrilled to have President Clinton be a centerpiece of our 2012 program," said Carmen Mercado, president of the nonpartisan 20,000-member association. "His perspective as a global leader will inspire our members and raise the caliber of our entire program."
President Clinton served the United States for eight years during a time of unprecedented prosperity and change. Now, President Clinton is a powerful voice for progress around the world as he shares his unique insights and observations with audiences around the world. President Clinton's public speeches describe the challenge of globalization, emphasize our growing interdependence, and point the way toward a common future based on shared goals and values. Clinton will appear at the association's general session on October 8th.
Clinton's appearance is the first time a U.S. president has attended the meeting with Hispanic real estate leaders. The NAHREP® Membership & Industry Leaders National Convention is held annually in the fall and attracts industry experts, corporate executives, nonprofit leaders and Latino real estate practitioners that work in all segments of the housing industry. The event is in its twelfth year and remains the most prominent forum for industry discussions about issues that challenge Hispanic homebuyers and other minority consumers. For more information about the convention, go to: 'http://www.nahrep.org/convention/
Don't Miss Live Streaming Video from The 2012 NAHREP Policy Conference
Couldn't make it to Washington, DC? Here's another way to stay in the know about the issues that matter to your clients and your business.
Thursday, March 22, 2012
(Corcoran Ballroom Salon A&B)
video to begin streaming at 11:55 AM EST
12:00-1:30 PM Luncheon: HUD Secretary Shaun Donovan will address the group
Sponsor remarks offered by Glenda Gabriel, Neighborhood Lending Executive, Bank of America
3:00-4:30 PM The State of Hispanic Homeownership
video to begin streaming at 2:55 PM EST
NAHREP Co-Founder Gary Acosta, Armando Falcon, CEO of Falcon Capital Advisors and Alejandro Becerra, Housing Consultant and Author will discuss Latinos as a mega market consumer force and policy that enables them to drive the housing recovery. Additional Remarks made by NAHREP President Carmen Mercado and Senator Robert Menendez. Sponsor remarks by Hon Rodney Hood, National Director of Multicultural Partnerships, Chase.
Friday, March 23, 2012
(Corcoran Ballroom Salon A&B)
video to begin streaming at 8:55 AM EST
9:00-10:30 AM Town Hall on REO to Rentals: The Long-Term Impact of Disposition Strategies on Minority Communities - Is renting a better path to recovery? The benefits and potential tradeoffs of these new disposition strategies and the long term impact to minority communities Speakers include: Brian Hurley, President of New Vista Asset Management, Craig Nickerson, CEO National Community Stabilization Trust; Meg Burns, Senior Associate Director, Federal Housing Finance Agency; Matt Sylvia, SVP, Mortgage Servicing Executive, Bank Of America. Sponsor remarks by Joseph Gutierrez, VP, Community Re-Investment Act Program Manager, Union Bank.
10:45 AM -12:15 PM - video to begin streaming at 10:40 AM EST
Mortgage Market Townhall: Stricter Standards, Higher Costs Create New Barriers for Minority Homebuyers - What is the current state and future of mortgage liquidity in America and what does it mean for Hispanic homebuyers? Speakers include: Mike Heid, President, Wells Fargo Home Mortgage; Tom Duetsch, Executive Director, American Securitization Forum; David Stevens, CEO, Mortgage Bankers Association; Carol Galante, Acting FHA Commissioner; Jason Madiedo, CEO, Venta Financial Group.
NAHREP Report: Hispanic Homebuyer Mega Market Is Emerging
Hispanic Real Estate Leaders Say Youth, Population Growth, Household Formation, High Desire, Labor Force Trend, To Make Latinos An Exponential Force In Housing
(SAN DIEGO) March 12, 2012 – The era of the Hispanic homebuyer is upon us, according to the 2011 State of Hispanic Homeownership Report released this week by the National Association of Hispanic Real Estate Professionals (NAHREP). The 36-page document offers an analysis of data on the Hispanic homebuyer market and points to youth, birth rates, household formation, rising purchasing power, labor trends, educational achievements and desire as key indicators that will make Latinos a major purchase force in the first-time homebuyer market. A digital copy of the report is available for download at: http://nahrep.org/state-of-hispanic-homeownership.php
"Despite recent losses suffered by Hispanics during the housing crisis, young Latino families that were unaffected by foreclosure or lost home values, are ready to enter the market," said Carmen Mercado, president of the 20,000-member group. "When they do, they will have an exponential impact on housing sales."
According to the report, demographic forces are aligning with Latinos poised to take center stage as a mega force in housing. Latinos filled 1.4 million or 60 percent of the 2.3 million jobs added to the economy in 2011, are expected to account for 40 percent of the estimated 12 million new households over the next 10 years, and their collective purchasing power is expected to jump 50 percent by 2016 -- just four short years from now.
Hispanic homeownership grew by 288,000 units in the third quarter of 2011, accounting for more than half the total growth in owner-occupant homeownership in the United States. Hispanic real estate leaders maintain that while this is just a short-term indicator it is an example of what's to come as Latino echo boomers move from renting to homeownership. They also predict as Latinos start to buy en masse that total owner-occupant housing units purchased -- not homeownership rate -- will be the most outstanding metric of the group.
"In recent years, the headlines have focused on foreclosure and wealth losses in the Hispanic community. But the untold story is the growth, labor force participation, higher educational achievements and attitudes toward homeownership that are crystallizing into a trend with Latinos taking center stage as a mega force in housing," added Mercado.
The report, which was written by former Housing Fellow, Researcher, Author & Watchdog Alejandro Becerra, asserts that due to a combination of forces Hispanics are poised to become a mega consumer force in housing:
- Population Driver: The Hispanic population expanded 3.5 times between 1980 and 2010. Since 1980, more than two in five (44 percent) persons added to the U.S. population have been Hispanic. From 2000 to 2009, Whites experienced 1.1 births for every 1.0 death, while Hispanics experienced 8.9 births for every death, implying a sizeable widening of the growth rates between the two major population groups. Hispanics were responsible for most of the overall population growth in the country over the past decade.
- Consumerism: The Hispanic market made up over 50 percent of real growth in the U.S. consumer economy from 2005 to 2008. During that time span, the $52 billion in new Hispanic spending outpaced the $40 billion in new spending by non-Hispanics, with Hispanic consumer spending increasing by 6.4 percent while non-Hispanic spending increased by only 2.9 percent.
- Labor Force: Latinos filled 1.4 million or 60 percent of the 2.3 million jobs added to the economy in 2011. Hispanics are expected to account for 74 percent of the growth in the nation's labor force from 2010 to 2020.
- Mobility: Hispanics are mobile and willing to relocate where employment is available. Hispanics alone drove the population growth of Philadelphia, Phoenix, Indianapolis, Omaha, and Atlanta, and comprised the greatest component of population increases in San Antonio, Fort Worth, and El Paso, and Raleigh and Charlotte, North Carolina.
- Education: From 2009 to 2010, the number of Hispanic young adults enrolled in college grew by 349,000 (a remarkable increase of 24 percent), compared with a decrease of 320,000 among young non-Hispanic Whites. In 2010, 73 percent of young Hispanics completed high school, up from 60 percent in 2000, and 32 percent of young Hispanics were enrolled in college, up from 22 percent in 2000.
National housing surveys continue to demonstrate that Hispanics strongly aspire to become homeowners in spite of uncertainty over jobs and the general economy. In particular, surveys also show that almost two in three Hispanic renters maintain high aspirations for owning a home.
Hispanic real estate leaders assert that changes in the nation's housing finance system must be made to accommodate the mega force of first-time homebuyers entering the market between now and 2020. This includes creating access to affordable, safe mortgage products and low-priced bank owned properties that meet financing standards, among other measures.
"New household growth will be substantially greater for Hispanics than for any other demographic group in the country," said David Stevens, president of the Mortgage Banker's Association. "The need to recognize the most critical variables in housing type, price range, affordability, and mortgage product terms will be critical for all housing stakeholders -- from lenders and realtors to policy makers -- in order to ensure that the homeownership needs of Hispanics and other Americans are met."
The 2011 State of Hispanic Homeownership Report includes policy recommendations from Hispanic real estate leaders that are needed to accommodate new buyers. This includes: Improved access to affordable mortgage financing, no new taxes or increased fees on mortgages, increased supplier diversity, improved access to REO listings for owner-occupant buyers, sensible immigration reforms and continued financial education for mortgagees.
Hispanic Real Estate Leaders To Discuss Immigration, REO Strategy Impacts, Stringent Credit Practices, New Homeownership Barriers At Annual Policy Meeting
(SAN DIEGO) February 1, 2012 – Hispanic real estate leaders will meet in Washington D.C. next month to discuss the state of Hispanic homeownership and key policy issues like immigration, tight credit practices, REO disposition strategies and new regulations that present barriers to first-time home buyers. The midwinter meeting is hosted by the National Association of Hispanic Real Estate Professionals (NAHREP) and will be held March 21-23, 2012 at the Four Seasons Hotel. For more information about the event, go to: http://tinyurl.com/6sjyqdn.
The annual meeting is the largest forum of its kind on Hispanic homeownership and attracts housing experts, corporate executives, elected officials and Latino real estate leaders from across the nation.
This year, Latino leaders will visit Capitol Hill and present representatives with the group's policy recommendations on key housing issues that affect Hispanic homebuyers. The minority association will also release its annual State of Hispanic Homeownership Report at the meetings.
"With young Latino families eagerly waiting on the sidelines to buy homes, these discussions are imperative to addressing barriers that stand between them and homeownership," said Carmen Mercado, NAHREP president. "With the right programs in place, our community -- by virtue of its sheer population clout, can drive the purchase of low-priced housing and help stimulate the recovery."
The group will hold town-hall general session meetings on:
- Owner Occupancy Versus REO Rentals: The Long-Term Impact of Disposition Strategies on Minority Communities;
- Mortgage Market Update: Stricter Standards, Higher Costs Create New Barriers for Minority Homebuyers; and
- The State of Hispanic Homeownership: Hispanic leaders' blueprint for real estate recovery driven by Hispanic purchasing power.
In the third quarter of 2011, Hispanic homebuyers accounted for 53% of home purchase transactions. The rapid rise in the Hispanic population and the increase in college-educated Latinos make them a likely consumer force to drive first-time home purchases. Policies and programs that enable these consumers to buy homes will benefit the housing market and local communities given the purchase cycle that accompanies homeownership, according to Hispanic real estate leaders.
Hispanic Real Estate Leaders Commend Obama's Move To Resurrect 'Dream Act' Immigration Bill, Streamline Refinancing Opportunities For Distressed Homeowners
(SAN DIEGO) January 25, 2012 – Hispanic real estate leaders commend President Obama for remarks in his State of The Union address that will seek to resurrect the Dream Act bill and a path to citizenship for young illegal immigrants and propose new streamlined refinancing processes for distressed homeowners hoping to avoid foreclosure. Both measures would create positive changes in the Hispanic community and have an impact on Hispanic homeownership, according to the bipartisan 20,000-member National Association of Hispanic Real Estate Professionals.
"New, higher educated and accomplished young Latinos are poised to become a force in the next generation of homeowners. Immigration reforms that make it possible for the children of illegal immigrants to be a productive force in America will benefit us all," said Carmen Mercado, NAHREP President.
"Our Latino families who are also struggling to avoid foreclosure and the communities in which they live will benefit from streamlined refinancing processes that enable them to remain in their homes. We applaud the president for these solutions," added Mercado.
NAHREP, which commended Richard Cordray's appointment recently as consumer chief, also favors solutions that are now in discussion that will offer more aggressive steps to modify mortgages that help ailing homeowners lower their monthly payments. Members of the minority trade group also feel that Latino communities will be stabilized quicker through programs and measures that expedite short sales transactions and enable new, young and eager creditworthy Latino homebuyers to obtain financing and purchase low priced housing inventory.
In the third quarter of 2011, Hispanic homebuyers accounted for 53% of the nation's home purchase transactions. The rapid rise in the Hispanic population and the increase in college-educated Latinos make them a likely consumer force to drive first-time home purchases, according to Hispanic real estate leaders.
NAHREP Report: Latinos, First-Time Homebuyers Are The Key To The Housing Recovery
Hispanic Real Estate Trade Group Offers State of Hispanic Homeownership Report and Asserts That High Desire, Buying Power of Minority Buyers Can Drive Home Sales
(SAN DIEGO) June 16, 2011 - The National Association of Hispanic Real Estate Professionals (NAHREP) has published a report "The State of Hispanic Homeownership" that offers an overview of compelling data on the Hispanic homebuyer market and why it is poised, due to its population size, high desire and buying clout, to drive first-time homebuyer purchases and accelerate the nation's economic recovery. A digital copy of the report is available for download at: http://www.nahrep.org/state-of-hispanic-homeownership.php
According to the report, minorities and immigrants will drive growth in housing demand due to their population size, age and greater propensity to be married with children. In particular, within the next 15 years, they are expected to drive demand for condominiums, smaller starter homes and first trade-up homes. They are also expected to represent a rapidly growing segment of the middle and middle-upper markets for housing.
"The Latin boom has been forecasted for years but we are now seeing the front edge of it and it has the potential to help the nation's housing system get back on track if we can create a safe credit environment for new buyers to get into the market," said Carmen Mercado, president of the 18,000-member trade group. "Our report quotes data from a number of sources that highlight the fact that enthusiasm for homeownership in the Hispanic community remains as strong as ever."
The report, which was penned by former Housing Fellow, Researcher, Author & Watchdog Alejandro Becerra, asserts that a combination of forces make it likely that Hispanics are poised to reinvigorate the ailing housing market including:
- Hispanics are now the largest minority group in the nation and represent a growing portion of the age group 26 to 46 years of age that are involved in most home sales
- More than other population groups, Hispanics can pick up stakes and move to other parts of the country in search of better jobs and more affordable housing;
- Hispanics continue to attain steady gains in income, education and entrepreneurship and demonstrate a strong work ethic, desire to succeed and purchase power enabling more of them to achieve homeownership;
- The current environment of record low interest rates, government-backed loans and less predatory lending are making sustainable homeownership more affordable.
Past national housing surveys also reveal that Hispanics strongly aspire to become homeowners and are more motivated than the general population to buy a home for both emotional and financial reasons. Strong family values, larger family sizes compel this group by a wide margin to yearn for a place to call home. Fifty-seven percent of Hispanics consider owning a home a symbol of success, compared to only 33 percent of all Americans.
While Hispanics have been severely impacted by foreclosure, the larger population of potential homebuyers were unaffected by the crisis and demonstrate an eagerness to become homeowners. The association's report maintains that tight credit, higher fees, stricter underwriting requirements continue to remain barriers and that down payment assistance and savings programs are crucial to enabling buyers to afford homes even at present historic low prices.
While policy makers, industry leaders and consumer groups are in the midst of an intense debate around Qualified Residential Mortgages (QRM) and other key issues the report advocates for housing policy that protects consumers but allows for an industry that can adequately serve and meet the affordable housing needs of low- and moderate-income households.
"In the climate of crisis, we must resist over reaching with regulations that make homeownership more expensive for millions of responsible consumers who have the buying power to revitalize our fragile housing market. Homeownership remains a cornerstone of family stability and long-term wealth creation," added Mercado.
NAHREP: Proposed QRM Regulation Will Impact Minority Homebuyers' Ability to Get Affordable Mortgages
(SAN DIEGO/Washington D.C.) April 5, 2011 - The National Association of Hispanic Real Estate Professionals (NAHREP) raised concerns today about the proposed regulation by Federal financial regulators that would require a minimum 20 percent down payment for "qualified residential mortgages" that are exempt from mortgage backed securities risk retention rules. The 18,000-member trade association said the very narrow QRM definition would adversely impact minority and first-time homebuyers' ability to get affordable mortgage financing.
"By mandating a 20 percent down payment on qualified residential mortgages, we are concerned that this regulation as proposed will have a negative impact on the ability of minority and first-time homebuyers to obtain an affordable mortgage to buy a home. Government policy should not put minority and first-time homebuyers in a position where they are once again vulnerable to predatory lending practices and forced into high cost mortgages," said NAHREP Chairman Carmen Mercado.
The definition of QRM is important because it will determine the types of mortgages that will be offered at a lower cost to a consumer. NAHREP supports the overall goal of the QRM and the regulatory agency's effort to create a strong underwriting framework that promotes responsible lending and borrowing.
Narrow underwriting guidelines for "prime" loans created the opportunity for the proliferation of "subprime" lending. If the right balance around QRM definition isn't reached, regulations will create a similar scenario for non-QRM lending, the group maintains. Data released this week by the Federal Housing Finance Agency estimated that only 30% of the mortgages originated in 2009 and purchased by Fannie Mae and Freddie Mac would have qualified for QRM treatment.
"A government regulation that categorizes 70 percent of borrowers as subprime is just wrong and bad policy," Mercado added.
Minority Real Estate Leaders AREAA, NAHREP, NAREB Say Government Efforts Are Failing to Meet the Needs of Multicultural Homebuyers
Coalition Recommends Five-Point Plan & Diversity to Support Sustainability, Accountability & Responsibility
WASHINGTON, DC (March 15, 2011)--Saying millions of Americans are being left out of the American dream of homeownership, the nation's three largest organizations representing multicultural real estate professionals, Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB), today called upon policy makers to do more for minority homebuyers.
This call to action comes after AREAA, NAHREP, and NAREB met in Washington DC to discuss regulatory and policy changes to preserve access to homeownership for people of color.
"Overwhelmingly, the members of our three organizations agree that the lack of mortgage financing is the single-biggest challenge facing minorities who want to buy homes," said Kenneth Li, AREAA chairman. "The government's housing recovery efforts have not gone far enough to improve the situation facing minority homeowners."
At the March 3-4 Multicultural Real Estate & Policy Conference in Washington DC, members of AREAA, NAHREP, and NAREB were surveyed on their views of the home buying market and economic recovery efforts.
According to the survey results, nearly 80 percent of the attendees responded they "believe that the current policy efforts have done little to improve the situation facing minority homebuyers."
Attendees also felt strongly that an active secondary market role is needed by the government to ensure that all homebuyers have access to the American dream of homeownership.
"These are real estate professionals who are out in the community, trying to help hard-working Americans
achieve their dreams of buying homes, and they are confirming what we have long suspected - that their
clients cannot get loans," Carmen Mercado, Chair of NAHREP said.
In the survey of attendees, "mortgage financing availability" was cited as the single-greatest factor facing the multicultural real estate community. Additionally, respondents cited "tight underwriting requirements" as the greatest challenge facing prospective homebuyers looking to obtain financing.
To stabilize the home-buying market for minorities, the organizations issued a joint report entitled "The Five
Point Plan: Refocusing the Future of Minority Homeownership."
"Our Five-Point Plan is designed to bring common sense and a balanced approach to restoring the dream of
homeownership to everyone. None of us wants to have homeownership a dream deferred or denied," NAREB President and CEO Vincent Wimbish stated.
The Five-Point Plan focuses on sustainability, accountability and responsibility on the part of all parties in a real estate transaction. It calls for more diverse solutions to meet the future housing needs, and demands more preparation and responsibility on part of consumers and the industry alike. It also calls on the industry to develop unique and innovative solutions to the housing challenges facing the multicultural communities today and in the future.
Specifically, The Five-Point Plan calls for:
- A balanced regulatory approach that will support and encourage sustainable homeownership for qualified and responsible consumers seeking to purchase a home;
- Increased diversity in the financial services arena and adequate oversight of minority business utilization and senior management hires;
- Maintaining strong government support of the secondary market system that includes the broad network of primary lenders, government-supported securitization agency, and FHA that collectively works to broaden credit availability for all communities at all times;
- Strong consumer protection oversight to restore consumer and market confidence in homeownership; and
- Mandatory financial education for all first-time homebuyers that prepares them for the responsibilities, risks and rights associated with homeownership.
The Plan includes specific recommendations for each of the Five Points. Visit www.areaa.org,
www.nahrep.org, or www.nareb.com to download the Five-Point Plan.