NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Joanne Williams
Office: 202-745-0024 ●
Cell: 215-519-2831
Email:
jlwilliams@barrington-consultants.com
BLACK, ASIAN AND HISPANIC REAL
ESTATE PROFESSIONALS
MEET TO DISCUSS FORECLOSURES,
ECONOMIC IMPACT
First-time collaboration of
multicultural real estate trade
groups call attention to the
disproportionate rate of mortgage
defaults and foreclosures in
minority communities and proposed
policies aimed at recovery
(Washington,
DC) March 26, 2008 - In an
unprecedented move, the nation's top
minority trade groups will come
together in one forum to discuss the
devastating economic impact of
mortgage defaults and foreclosures
on the minority community and put
forth possible solutions. This
first-ever, collaborative meeting
among the National Association of
Real Estate Brokers (NAREB), The
Asian Real Estate Association of
America (AREAA), and the National
Association of Hispanic Real Estate
Professionals (NAHREP), will take
place on Thursday, March 27, 2008,
8:00 a.m. - 4:00 p.m. at the Hilton
Washington Hotel, 1919 Connecticut
Avenue, NW, Washington, DC.
"Never before have so
many minority homeowners faced
foreclosure. The ripple effect of
this housing industry melt-down is
staggering and minority communities
are bearing a disproportionate share
of the financial burden, "said Maria
Kong, President and CEO of the
35,000-member NAREB, the
African-American real estate trade
association formed more than 60
years ago, and is the country's
oldest minority trade group.
"Joining with the Asian and Hispanic
American trade professionals gives
us all a stronger voice and
compounds the need to find real
solutions to the housing foreclosure
crisis," Kong added.
The disproportionate
economic impact on minorities due to
subprime mortgage foreclosures and
the potential setback it will mean
for minority neighborhoods sets the
tone for the coalition's
discussion. Real estate
practitioners, business leaders and
appointed government officials will
exchange ideas about proposed policy
and regulatory issues in a schedule
that includes:
·The
announcement of a five-point plan
by the Minority Coalition of Real
Estate Professionals that addresses
foreclosures, programs needed to
drive recovery in the African
American, Hispanic, Asian and
communities;
·"Economic
Viewpoints from the Industry
Regulators" (9 -10:30 am),
a session that features open forum
discussions with economists from
Freddie Mac, the Federal Reserve and
PMI and live audience polls
including an introduction by Federal
Reserve Board Governor Randall
Kroszner;
·"An
Analysis of HMDA Data to Identify
Future Patterns of Mortgage Default
and Foreclosures in Minority
Communities" (10:30-11 am)
featuring fair lending expert
Maurice Jourdain-Earl, Managing
Director of Compliance Technologies.
Jourdain-Earl, an emerging markets
consultant, will offer insights on
HMDA data trends relative to
minorities and the current subprime
mortgage crisis.
·"Housing
Issues Before the Banking and
Finance Committees of the U.S.
Senate and House" (11:15 am-12:45
pm)
- a town-hall forum featuring the
heads of NAHREP, AREAA, NAREB and
the National Council of La Raza and
a live poll that will capture
practitioners' opinions on the
current bills before the House and
Senate. U.S. Treasurer Anna
Escobedo Cabral will offer
comments at the outset of the
session;
·Keynote
Speaker Alphonso Jackson
(12:50-2:20 pm);
·Key
Regulatory Issues Impacting Today's
Real Estate Professionals" (2:30-4
pm);
FDIC Director Sandra L. Thompson
will make a presentation that will
also include a live audience poll of
practitioners.
"Minority brokers are
caught in the middle. On the one
hand, we're business people trying
to make a living in this upside-down
economy. On the other, we see
ourselves as guardians and
protectors of our communities. Our
own families and our communities are
shattering so we must be a part of
the public policy dialogue to ensure
that sustainable homeownership is
still a part of our American dream,"
Kong added.
# # # # #
NAREB, founded in 1947, was formed
out of a need to secure the right to
equal housing opportunities
regardless of race, creed, or
color. Since its inception, NAREB
has participated in and promoted
meaningful challenges and
legislative initiatives to ensure
fair housing for all Americans now
with membership topping 35,000
Realtists® in 84 chapters
nationwide. For more information,
visit the website at:
www.nareb.com.
Note to Media: Interview
opportunities available with Maria
Kong, President of NAREB, and
leaders of AREAA and NAHREB.
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