Wednesday, July 16, 2008

Minority Real Estate Trade Groups Back Fed & Treasury Department's Action To Fortify Freddie Mac and Fannie Mae


WASHINGTON, Jul 14, 2008 (BUSINESS WIRE) -- Hispanic, Asian and African American real estate professionals issued a joint statement of endorsement today for the actions of the Federal Reserve Board and U.S. Treasury Department to bolster support for Government Sponsored Enterprises Fannie Mae and Freddie Mac.

The Multicultural Coalition of 70,000 combined members of 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 announced their support of the measures by way of a letter sent to lawmakers and decision makers.

"Fannie Mae and Freddie Mac have worked closely with NAHREP, AREAA and NAREB to promote homeownership and affordable housing opportunities in minority and other underserved communities," said Timothy Sandos, President & CEO of NAHREP. "Without these important institutions, we believe that the current real estate crisis would be significantly worse, particularly for many minority families looking to finance their first homes or refinance out of existing high-cost mortgage products."

The Multicultural Coalition views the GSEs as pillars of the housing system with an essential role to growing homeownership rates in the minority and immigrant markets. The groups favor immediate actions that ensure that the GSEs have adequate access to liquidity and sufficient capital to help promote recovery in the housing market.

About NAHREP

The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in Washington D.C., NAHREP is the premier trade organization for Hispanics and has more than 15,500 members in 48 states and 62 affiliate chapters.

About AREAA

Established in 2003, the Asian Real Estate Association of America's membership represents a broad array of real estate, mortgage and housing-related professionals that serve the diverse Asian/Pacific-American market. AREAA is the only national trade association dedicated to representing the interest of the Asian real estate market throughout the country. It pursues initiatives that expand home ownership opportunities for more Asian/Pacific-American families, that increase business opportunities for its members, and that deliver tangible results for its national partners.

About NAREB
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(R) in 84 chapters nationwide. For more information, visit the website at: www.nareb.com.

SOURCE: National Association of Hispanic Real Estate Professionals For NAHREP
Mary Mancera, 760-634-5007
mary@phasetwocommunications.com

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