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Minority Coalition to Discuss Economic Impacts, Foreclosures

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RISMEDIA, March 25, 2008-The National Association of Hispanic Real Estate Professionals will host the Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers (NAREB) at its 2008 Legislative Conference in an unprecedented move that brings together the top minority trade groups in the real estate industry in one forum. The three groups will discuss the devastating economic impact of mortgage defaults and foreclosures on the minority community and possible solutions at the meeting that will be held on March 27, 2008 at the Hilton Washington Hotel at 1919 Connecticut Avenue NW.

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 Hispanic, Asian & African American 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.

“The combination of defaults and foreclosures, falling values, declining markets and fewer financing options is painting a particularly dismal outlook for minority buyers if legislative measures aren’t taken soon,” said Felix DeHerrera, NAHREP Chairman. “We need solutions for the present critical issues and reforms that keep the door to homeownership open for people of color and still keep the brokers in business that serve them.”

The annual NAHREP summit will also include the installation of two new officers and eight new board members at an evening gala on March 27. Rebecca Gallardo-Serrano will succeed DeHerrera as chairman and Tino Diaz will be sworn in as vice chair.

For more information, visit www.nahrep2008legislativeconference.com.

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