Policy Positions Include Access to Credit for Homebuyers, Inventory Disposition and Immigration Reform
San Diego, CA – March 27, 2015 – Today the National Association of Hispanic Real Estate Professionals (NAHREP®) made a strong statement on minority housing issues and the future of the American housing economy with the release of its 2015 policy positions. A critical call to action was announced for the renewal of affordable housing goals by the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, in order to remove barriers for low-income Latinos attempting to purchase a home. The organization will also focus on access to credit for homebuyers, inventory disposition and immigration reform. NAHREP’s 2015 policy positions can be found here
“It’s time for the government to strategically engage with the housing and lending industries in order to meet the needs of ready, willing and able buyers whose home purchases would add jobs, fuel the economy, and benefit all Americans,” said Jason Madiedo, 2014 NAHREP president, “It’s important for regulators and policymakers to take a stand in promoting an environment for a healthy and inclusive housing market.”
Data from the federal government shows that Latino mortgage applicants for GSE loans faced a loan denial rate twice as high as their white counterparts. These denials block Latinos from achieving the American dream of homeownership, widen the wealth gap for that demographic and inhibit national economic growth.
Other policy priorities include:
- Government regulators should address market factors that are restricting Access to Credit for minority borrowers.
- REO Inventory Disposition for single-family property should provide ample opportunity for sales to owner occupants BEFORE making the property available for sale to investors.
- Congress must pass comprehensive Immigration Reform to provide permanent legal status to the 11.2 million undocumented individuals who already live and work in the U.S.