Members of three Real Estate groups have banded together to create a plan that will help minority ownership interest remain strong. The National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers (NAREB) have teamed up to recommend a plan that would assist minorities in remaining in their homes during the current credit crunch.
The proposed plan includes creating a consistent policy for identifying declining markets, establishing a declining markets second mortgage fund, creating incentives that come from the Community Reinvestment Act (CRA) that would allow banks to assist in foreclosure prevention and setting state and federal licensure and education standards for all mortgage professionals.
Leaders of the three trade groups plan to meet with lawmakers to share opinion poll survey results and to outline their plan. They will also share opinions on upcoming legislation.
