Black, Asian and Hispanic Real Estate Professionals meet to discuss foreclosures, economic impact

WASHINGTON, DC – 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.

Maria Kong

Maria Kong is a Caribbean-American Realtor and President of Markon Realty & Management, Inc., based in South Florida.

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.