CAREB
President's Message
The American Dream in Peril
The genesis of the REALTISTS® is grounded in the historic
struggles of African Americans to eradicate prejudicial and
disparate treatment of minorities in housing and the real estate
industry. Throughout history, REALTISTS® members of the National
Association of Real Estate Brokers (NAREB)® and the California
Association of Real Estate Brokers (CAREB)® stood steadfast in
our commitment to increase home ownership rates of minority and
low-income households by securing equal housing opportunities
for all Americans. Espousing the principle of “Democracy in
Housing,” REALTISTS® fought to eradicate those discriminatory
practices in the real estate and mortgage industries that
deterred realization of the “American Dream” by disenfranchised
segments of our communities.
Home ownership rates for minorities, particularly
African-Americans and Hispanics, increased substantially in
recent years. Unfortunately, the current mortgage and credit
crises reveal that a substantial amount of the increase realized
was predicated upon utilization of subprime and predatory
mortgage financing. The mortgage and credit crises now have
fostered a posture of retrenchment by the mortgage industry that
is stifling the housing market.
An objective assessment of the circumstances supports the
assertion that, unless there is remedial action, the subprime
and predatory lending practices enacted will derail laudable
attempts to increase minority homeownership rates. The subprime
mortgage crisis, the cause of the greatest loss of wealth by
minorities in history, is eroding the economic stability of
minority consumers/communities and creating potentially
irreconcilable hindrances to the availability of mortgage loans
for many low income and minority households, now and in the
future.
The REALTISTS’® overriding concern is that the response to the
subprime crisis by the financial and credit industries will
place undue constraints on the ability of minority and
low-income households to attain homeownership. A comprehensive
response to the subprime crisis that includes industry
regulatory imperatives, consumer education and financial
literacy counseling as integral components of the overall
mitigation strategy is mandated to reconcile the matter.
Clearly, the REALTISTS’® mission of service is yet unfinished,
and our commitment to advocacy for our communities must prevail.
 Join
us as we continue to strive to make the American Dream a
reality.
Monroe Wooton, President
California Association of Real Estate
Brokers (CAREB)
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