National Association of Real Estate Brokers (NAREB) grapple with impact of foreclosures, redefined mortgage lending and homeownership prospects for Black Americans and other minority groups.
New Orleans – The lingering economic unsteadiness, unacceptably high foreclosure rates, and changing government-backed mortgage lending policies serve as the backdrop for the 64th Annual Convention of the National Association of Real Estate Brokers (NAREB) scheduled for New Orleans, LA, August 5 -10, 2011, at the Ritz-Carlton Hotel, 921 Canal Street. The more than 600 attendees representing the full spectrum of the real estate industry including: minority real estate professionals; mortgage lenders; asset managers; financial services executives; Federal housing policymakers; community developers; financial analysts; housing counselors, and homeownership advocates are gathering to plot a new route toward sustainable and affordable homeownership for minorities and all Americans.
“We’ve got to strike the right balance and involve the right players to chart a new course toward homeownership for African-Americans and other minority groups. A strong, committed public/private partnership focused on real neighborhood revitalization, the value of sustainable homeownership, combined with local and Federal political will, holds the answer and the solution,” said Vincent Wimbish, President and CEO, of NAREB, established in 1947 and holds the distinction of being the nation’s oldest minority real estate trade association. “Our communities and our people deserve opportunity now. We are unwilling to believe that homeownership is a dream deferred or denied,” Wimbish went on to say.
Testimony to this laser focus is the Convention agenda which brings together the attendees and presenters, under out-going President Wimbish’s theme, “Realtists in Partnership: Transforming Our Communities.” Sunday morning August 7, Maurice Jourdain-Earl of Compliance Technologies presents under the umbrella topic of “The Mortgage Lending Landscape: Where We Are and Where We’re Going.” His riveting and on-the-ground look at trends in the marketplace as well as his projections serve at the jumping off point for a Convention ready to tackle the most pressing barrier to homeownership among minority populations.
Convention attendees are also expected on Sunday, August 7, to take a bus tour of several New Orleans communities devastated by Hurricane Katrina followed by a public forum hosted by NAREB’s President –Elect, Julius Cartwright and entitled, “The State of Housing in Black America.” The nationally-known expert panelists assembled for the interactive event are expected to lay bare the real problems impeding community restoration and continuing to dash homeownership hopes. At the same time, ground-breaking, innovative approaches and historic partnership solutions are expected to be unveiled. A Press Conference will immediately follow the Forum.
Other key session presenters scheduled throughout the Convention include real estate industry analyst, Rick Sharga, Sr. Vice President of Realty Trac, and one of the country’s most frequently-quoted sources on foreclosure, mortgage and real estate trends, appearing frequently on NBC Nightly News, CNN, CBS, ABC World News, CNBC, MSNBC and NPR. His Tuesday morning (August 9) tone-setting session, “The REO Landscape: The Changing Trends of the REO Industry,” promises to generate spirited discussion on the influx of foreclosed, bank-owned properties the effect on the home buying marketplace.
Also on Tuesday, the Convention welcomes two high-level officials from the U.S. Department of Housing and Urban Development (HUD), Southeast Regional Director, Edward Jennings, Jr. and Southwest Regional Director, C. Donald Babers, together in discussion about the Federal agency’s plans and programs to stabilize neighborhoods, utilize minority asset managers, and support affordable and sustainable homeownership. Combined, the two HUD administrators are responsible for 13 states. The session also features, Yves Mombeleur, Director of Seller Relationships, National Community Stabilization Trust (NCST), the nonprofit organization working to link the nation’s largest financial institutions with communities in an effort to combat foreclosure and abandonments.
Minority business participation, as included as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act is also expected to be of keen interest to minority real estate professionals in attendance. A workshop, led by William Cunningham of Creative Investment Research, presents key elements of Section 342 that requires Federal financial agencies to create an Office of Minority and Women Inclusion (“OMWI”).
NAREB President Wimbish, in conjunction with the trade association’s partner Vendor Resources Management (VRM) represented by company President, Keith Murray plan to announce a collaborative effort establishing REO auction services beginning in the Dallas-Fort Worth market area. “I’m pleased to bring this opportunity to NAREB member Realtists. The “Seeds of Hope” collaboration with VRM and the Hudson & Marshall auction specialists represents the kind of partnership that has the potential of restoring our communities, eradicating blight, and breathing, life back into the real estate profession,” Wimbish commented. Details to be announced during the Convention.
“Our communities have been devastated. Our professional lives in the real estate industry have been shaken to the core. Homebuyers, homeowners, and sellers are uncertain as to their next steps. NAREB leadership, our membership, and our partners stand ready to rebuild the nation’s neighborhoods, restore faith in our profession, and reclaim the promise of an affordable, safe, and desirable place to live and raise our families. That’s NAREB’s charge. That’s what we’re here in New Orleans to address,” Wimbish stated.
For more information about the Convention schedule, registration and speakers, visit the NAREB website at: www.nareb.com.
