Hispanic Soldier’s Home Foreclosed While She Was Serving Abroad

“I couldn’t believe it,” Capt. Tania Garcia said. “I was in shock.”

Excerpts from the report…

Army Capt. Tania Garcia said she was on active duty in South Korea when she got the news.

Garcia’s Realtor informed her that her south Orange condominium had been foreclosed upon. Suddenly, a soldier serving abroad had no home to return to.

“I couldn’t believe it,” Garcia said. “I was in shock.”

More shocking news was ahead. Court files from the foreclosure showed an affidavit had been filed that stated Garcia was not in the active military and that the notice of foreclosure was served on her husband.

Two problems: Garcia said this week she was on active duty — and she is not married. Now, Garcia is fighting to win back the home she thinks was taken from her unfairly.

Garcia’s condo initially was bought back by Flagstar Bank and then resold… (No, it was Fannie Mae!)

Garcia’s real-estate broker, Celia Ruiz of Casa Latino Real Estate, said she worked with the bank during the short sale, in which the lender allows a home to be sold at a price often far below the amount owed on the mortgage. She has e-mails from a bank employee stating the sale was approved.

Five days before the scheduled sale, Ruiz said, she received the bad news. Ruiz was flabbergasted.

“I’ve done a lot of short sales,” Ruiz said. “I have never seen a property go to foreclosure while we are working on a short sale.”

The “non-military affidavit” included in the court file attested to the fact that Garcia was not in the active military, and a military status report from the Department of Defense was attached, stating: “Based on the information you have furnished, the DMDC [Department of Defense Manpower Data Center] does not possess any information indicating that the individual is currently on active duty.”

If a person is on active duty, the military must be served notice of the foreclosure to make sure the person is aware of it, Kaufman said. Garcia said there was “no way” that the bank could claim to be unable to contact her.

Still in the service, Garcia shipped off to Iraq on Friday with the legal battle serving as a constant distraction in a place where, she said, distractions cost lives.

“When I was not in this country, I was working to protect my country,” she said. As she prepared to leave again this week, Garcia was hopeful that she would return to find the situation resolved.

Read the article in its entirety here…

Minority Real Estate Leaders AREAA, NAHREP, NAREB Say Government Efforts Are Failing to Meet the Needs of Multicultural Homebuyers

Saying millions of Americans are being left out of the American dream of homeownership, the nation´s three largest organizations representing multicultural real estate professionals, Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB), today called upon policy makers to do more for minority homebuyers.

This callto action comes after AREAA, NAHREP, and NAREB met in Washington, D.C., to discuss regulatory and policy changes to preserve access to homeownership for people of color.

"Overwhelmingly, the members of our three organizations agree that the lack of mortgage financing is the single biggest challenge facing minorities who want to buy homes," said Kenneth Li, AREAA chairman. "The government´s housing recovery efforts have not gone far enough to improve the situation facing minority homeowners."


At the March 3-4 Multicultural Real Estate & Policy Conference in Washington, D.C., members of AREAA, NAHREP, and NAREB were surveyed on their views of the home buying market and economic recovery efforts.

According to the survey results, nearly 80 percent of the attendees responded they "believe that the current policy efforts have done little to improve the situation facing minority homebuyers."


Attendees also felt strongly that an active secondary market role is needed by the government to ensure that all homebuyers have access to the American dream of homeownership.

"These are real estate professionals who are out in the community, trying to help hard-working Americans achieve their dreams of buying homes, and they are confirming what we have long suspected - that their clients cannot get loans," Carmen Mercado, Chair of NAHREP said.

In the survey of attendees, "mortgage financing availability" was cited as the single greatest factor facing the multicultural real estate community. Additionally, respondents cited "tight underwriting requirements" as the greatest challenge facing prospective homebuyers looking to obtain financing.

To stabilize the home-buying market for minorities, the organizations issued a joint report entitled "The Five Point Plan: Refocusing the Future of Minority Homeownership."

"Our Five-Point Plan is designed to bring common sense and a balanced approach to restoring the dream of homeownership to everyone. None of us wants to have homeownership a dream deferred or denied," NAREB President and CEO Vincent Wimbish stated.

The Five-Point Plan focuses on sustainability, accountability and responsibility on the part of all parties in a real estate transaction.
It calls for more diverse solutions to meet the future housing needs, and demands more preparation and responsibility on part of consumers and the industry alike. It also calls on the industry to develop unique and innovative solutions to the housing challenges facing the multicultural communities today and in the future.

Specifically, The Five-Point Plan calls for.



- A balanced regulatory approach that will support and encourage sustainable homeownership for qualified and responsible consumers seeking to purchase a home;

- Increased diversity in the financial services arena and adequate oversight of minority business utilization and senior management hires;

- Maintaining strong government support of the secondary market system that includes the broad network of primary lenders, government-supported securitization agency, and FHA that collectively works to broaden credit availability for all communities at all times;

- Strong consumer protection oversight to restore consumer and market confidence in homeownership; and

- Mandatory financial education for all first-time homebuyers that prepares them for the responsibilities, risks and rights associated with homeownership.

The Plan includes specific recommendations for each of the Five Points.

Visit www.areaa.org : , www.nahrep.org : , or www.nareb.com : to download the Five-Point Plan.

Lending to blacks, Hispanics plummets during housing crisis By Kenneth J. Cooper

Since the housing market collapsed, mortgage lending to African Americans and Hispanics has plunged precipitously — by more than 60 percent, according to a new study of loan information that banks submit to the federal government.

Together, African Americans and Hispanics were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004, before the market crashed, the computerized analysis finds. With lenders imposing tighter credit standards, mortgage dollars going to non-Hispanic white borrowers also declined, though by considerably less: 17 percent. Asians fared best, obtaining nearly an equal amount in mort­gages.
The study, using Federal Reserve data, was conducted by Maurice Jourdain-Earl, founder and managing director of ComplianceTech in Arlington, Va., which advises financial institutions on fair lending practices.

Mortgages made to Hispanics have decreased the most, by 63 percent, to $78 million in 2009 from $214 million in 2004. Lending to African Americans has dropped to $49 million from $122 million, or 60 percent.

Whites have been affected much less and Asians barely. New mortgages to white borrowers declined to $1.1 billion from $1.3 billion, or 17 percent. Lending to Asians stayed almost the same.

Whites were about twice as likely as African Americans and Hispanics to be approved for prime mortgages with the lowest interest rates, while members of the two largest minority groups were two to four times more likely to receive subprime loans, which have higher rates. By contrast, the disparities were much narrower for loans insured by the government’s Federal Housing Administration, which has attracted a growing number of borrowers during the credit crunch.

The study concluded that a “dual mortgage market” has emerged, with white and Asian borrowers having better access to lower-cost mortgages than African Americans and Hispanics, who on average pay more to own or refinance a home — if they can obtain a mortgage.
“The higher cost for mortgage credit translates into less money for basic necessities,” Jourdain-Earl writes. Read the rest of the article here.

Carmen Mercado Named Chairman of the National Association of Hispanic Real Estate Professionals

SAN DIEGO--(BUSINESS WIRE)--

Carmen Mercado, a Long Island, New York-based Education & Diversity Manager with NRT’s Coldwell Banker Residential Brokerage, was installed as chairman and president of the National Association of Hispanic Real Estate Professionals during its policy forum last week in Washington, D.C. Mercado has served on the association’s national board since 2006 and most recently was vice chair. Gerardo “Jerry” Ascencio, a Los Angeles-based real estate broker, will succeed Mercado as vice chair. Both officers will serve a one-year term in their post.

“Carmen Mercado and Jerry Ascencio bring a potent combination of real marketplace knowledge, leadership and understanding of the challenges that Hispanic homebuyers and practitioners encounter,” said immediate Past Chair Alex Chaparro. “Their grasp of the issues will be a huge benefit to NAHREP’s national leadership team.”

By day, Mercado trains real estate agents and drives leadership development for Coldwell Banker Residential Brokerage, which is owned by NRT LLC, the nation’s largest residential real estate brokerage company. Mercado is also an active member of the Realogy Diversity and Inclusion Council. She is a certified real estate instructor and delivers training programs throughout the Long Island and Queens area. She became active in NAHREP at the local level in 2004 when she founded the local NYC affiliate chapter. In 2006, she was appointed to the national board and has served on the executive committee prior to being named last year as vice chair. A passionate advocate for underserved homebuyers, she has helped educate local Latinos about homeownership over the years by delivering seminars in liaison with local nonprofits.

Gerardo “Jerry” Ascencio, GRI, CRS is founder and past president of the NAHREP San Fernando/Santa Clarita affiliate chapter and a member of the association’s national board. He is an established real estate broker in the greater Los Angeles area with two offices and 65 agents and broker-associates. Ascencio served on the board of directors for the Southland Regional Association of Realtors and has served in numerous leadership and educator roles. He will succeed Mercado as chairman in 2012.

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 San Diego, NAHREP is the premier trade organization for Hispanics and has more than 18,000 members in 48 states and 50 affiliate chapters.

Contacts

Phase Two Communications
Mary Mancera, 760-634-5007

Permalink: http://www.businesswire.com/news/home/20110309005130/en/Carmen-Mercado-Named-Chairman-National-Association-Hispanic

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NHORA Celebrates One Year Anniversary- Installs National Leadership Council

Real Estate Professionals organize a trade association to elevate professional standards and promote commerce through sustainable home ownership in the Latino community

FOR IMMEDIATE RELEASE

San Francisco – February 23, 2011 – The National Hispanic Organization of Real Estate Associates celebrates its first anniversary at an event in San Francisco St. Mary’s Cathedral. At this gathering, Patricia Lindo will be installed as the national board chair and the National Leadership Council will be activated.

NHORA National past President Richard Gonzalez said “I am delighted to have played a key role in getting NHORA off the ground and proud to see Patricia step up to the top leadership role”.

NHORA National Board Member, Jorge Carcamo of San Francisco adds “Patricia has a tremendous passion for NHORA’s commitment to transparency, leadership development, highest ethical standards and to our Latino community. The President’s Council is important component of our governance to ensure transparency and leadership development.”

The impact of the current economic market has had a disproportionally higher negative impact on Hispanic communities. NHORA has been created to help thwart this kind of damage in our communities and further educate and empower ethical professionals and the consumers they serve.

Patricia Lindo said “Some of us have been advocating for many years for a true trade association that focus on sustainable home ownership in the Latino community. I am humbled and honored to lead this organization and take it to the next level.”

NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide.

For more information go to www.NHORA.com

Latin Builders Association® Celebrates 40th Anniversary

The Latin Builders Association® (LBA), the largest Hispanic construction association in the United States, will celebrate its 40th anniversary in 2011. Since inception in 1971, the LBA has strived to provide a vital forum for discussion, networking, training/development and representation at the local, state and federal level.

The LBA’s core goal is to represent and further the interests of the South Florida Community, the local building industry, and the individuals and companies that strive day after day to make our community a better place to live, work and play.

“We are grateful to have grown as an association and to have experienced the journey we have endured over the past 40 years,” said Noelia E. Moreno, President, Latin Builders Association®. “The LBA was first started because our fathers and grandfathers were looking to have access to the building opportunities in Florida and were eager to be welcomed into our community and, as a united front, they were able to experience much success and worked hard to become recognized and valued for their hard work. We look forward to continuing to make them proud and follow the lead that they have paved for us in the years to come while accepting change.”

Further defining the LBA’s commitment to the community is the LBA Children and Families Foundation which houses the organization’s philanthropic work to formalize and further extend LBA’s involvement and commitment to providing help to those in need. Even in the midst of tumultuous times, the association continues to recognize the importance of educating our future workforce and providing for those who benefit from a helping hand. LBA’s philanthropic ventures are made possible through the commitment of the members to help the community one child at a time.

Established in 1971 by a group of local contractors, Latin Builders Association, Inc. ® has embodied the interests of builders, developers, contractors, architects, engineers, plumbers, electricians and tradesmen associated with the business of construction, striving to provide a vital forum for discussion, networking, training/development, and representation at the local, state and federal level. Today, we are the largest Hispanic construction association in the United States, representing over 750 member companies throughout South Florida.

www.latinbuilders.org

HUD INVESTIGARÁ ALEGACIONES SOBRE BANCOS QUE DISCRIMINAN CONTRA LATINOS

HUD INVESTIGARÁ ALEGACIONES SEGÚN LOS CUALES 22 BANCOS Y PRESTAMISTAS HIPOTECARIOS DISCRIMINAN CONTRA AFROAMERICANOS Y LATINOS QUE BUSCAN PRÉSTAMOS

WASHINGTON – El Departamento de Vivienda y Desarrollo Urbano de los Estados Unidos anunció hoy que está iniciando múltiples investigaciones a varios prestamistas hipotecarios para determinar si sus políticas de préstamos denegaron ilegalmente acceso a crédito a prestatarios calificados de origen afroamericano y latino.

Las investigaciones surgen en respuesta a 22 quejas presentadas ante HUD por la Coalición Nacional de Reinversión Comunitaria, (NCRC por sus siglas en inglés), National Community Reinvestment Coalition, alegando que las actividades de préstamos de los originadores de hipotecas mostraron que sus prácticas de préstamo denegaron préstamos asegurados por la Administración Federal de Vivienda FHA a afroamericanos y latinos con puntaje de crédito de hasta 640. Las guías de FHA permiten asegurar hipotecas a prestatarios con puntaje de crédito superior a 580, provisto que los prestatarios realicen un pago inicial igual al 3.5 por ciento del monto del préstamo, o con un puntaje superior a 500, si los prestatarios realizan un pago inicial equivalente al 10 por ciento del valor del préstamo.

"FHA es un importante vehículo para los estadounidenses que desean comprar o refinanciar una vivienda. Agradecemos a NCRC por presentar estas quejas ante HUD. Para los prestamistas a negar esta fuente de crédito a compradores responsables, sin consideraciones de su capacidad para pagar el préstamo, crea preocupaciones muy serias de igualdad en la vivienda y, de comprobarse, menoscabaría los esfuerzos de recuperación de nuestra nación", dijo el secretario adjunto de HUD para Equidad de Vivienda e Igualdad de Oportunidades, John Trasviña. "HUD tomará acción apropiada en contra de cualquier prestamista que se encuentre realizando prácticas discriminatorias."

Con antelación al reciente retroceso en la economía, los préstamos asegurados por FHA equivalían a menos del tres por ciento de los préstamos de nuevas viviendas. Desde la crisis económica, FHA y las empresas patrocinadas por el gobierno – GSA Government-Sponsored Enterprises- han asegurado o garantizado cerca del 95 por ciento de los nuevos préstamos hipotecarios que se han originado. Al final de 2008, casi la mitad de los préstamos de compra de nuevas viviendas y un cuarto de los nuevos préstamos de refinanciación fueron asegurados por FHA o la Administración de Veteranos, (VA por sus siglas en inglés).

Según NCRC, una asociación de más de 600 organizaciones comunitarias que promueven el acceso a los servicios bancarios básicos, sus "probadores" que observan las prácticas prestatarias equitativas evaluaron las prácticas de los prestamistas nacionales, las empresas de servicios financieros, y otros prestamistas aprobados por FHA regionales y locales. En las quejas presentadas el 7 de diciembre, NCRC indicó que los prestamistas fueron elegidos según la cuota de mercado, el volumen de préstamos de FHA y discusiones con los líderes comunitarios.

Bajo la Ley de Equidad de Vivienda, HUD investiga las alegaciones de discriminación de vivienda con imparcialidad, así como durante cada fase de las investigaciones, el intento de resolver las quejas a través de los esfuerzos conciliatorios.

FHA fue establecido en 1934 y actualmente asegura más de 6.5 millones de préstamos unifamiliares. El 80 por ciento de los préstamos asegurados por FHA en 2010, fueron destinados a los compradores de vivienda por primera vez y más del 30 por ciento de los préstamos de compra fueron destinados a los compradores minoritarios.

La Oficina de Equidad de Vivienda e Igualdad de Oportunidades (FHEO) de HUD y sus socios en el Programa de Ayuda de Equidad de Vivienda investigan más de 10,000 quejas de discriminación de vivienda al año. Las personas que creen haber sido víctimas de discriminación de vivienda deben comunicarse con HUD al (800) 669-9777 (voz), (800) 927-9275 (TTY).

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La misión de Departamento de Vivienda y Desarrollo Urbano de EE. UU. es crear comunidades fuertes, sostenibles e inclusivas y vivienda de calidad asequible para todos. HUD trabaja para fortalecer el mercado de vivienda a fin de impulsar la economía y proteger a los consumidores; satisfacer las necesidades de vivienda de alquiler asequible de calidad: utilizar la vivienda como una plataforma para mejorar la calidad de vida; construir comunidades inclusivas y sostenibles libres de discriminación; y transformar el modo en que HUD hace negocios. Información adicional sobre HUD y sus programas está disponible en www.hud.gov y espanol.hud.gov.

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New FHA Tool Will Help Condo Associations

CAR subsidiary launches FHA approval tool

By Inman News
Inman News™

February 02, 2011

Real Estate Business Services Inc., a subsidiary of the California Association of REALTORS®, has teamed with FHA Pros LLC to launch a product that checks for FHA loan eligibility and offers assistance in the FHA loan approval process.

The Clarus FHA Approval product includes two services:

Approval Services helps condominium homeowners associations meet regulations from the U.S. Department of Housing and Urban Development (HUD) that require an entire condo development be approved before an FHA loan may be granted for a single unit.
Eligibility Check is a database that allows real estate professionals to determine FHA loan eligibility through a property address search.

"FHA loans now account for up to half of all new mortgages. Given the importance of this loan program, every condominium association should seek to be approved for FHA loans," said Robert Bailey, chairman of REBS, in a statement.

Contact Inman News: http://www.inman.com/

Fed punts on real estate loan disclosures

Consumer protection bureau tasked to devise single, standardized form
By Inman News
Inman News™

February 02, 2011

The Federal Reserve is backing down from a slew of proposed changes to mortgage loan disclosures, saying authority in that arena will soon be transferred to the new Consumer Financial Protection Bureau.

The Fed's proposed changes to mortgage loan disclosures were over a year in the making, prompted by criticism that homebuyers often didn't understand the true cost and terms of mortgages taken out during the boom.

The situation was complicated by the fact that borrowers get two sets of federal mortgage disclosures: one addressing Truth in Lending Act (TILA) requirements, and the other satisfying requirements of the Real Estate Settlement Procedures Act, or RESPA.

The Federal Reserve has had rulemaking authority for TILA loan disclosures under Regulation Z, while the Department of Housing and Urban Development (HUD) oversees RESPA disclosures.

Lenders, the real estate industry, and consumer groups have complained that having two sets of mortgage loan disclosures is confusing.

In an attempt to address that problem, the Dodd-Frank Wall Street Reform and Consumer Protection Act transfers oversight of both TILA and RESPA to the Consumer Financial Protection Bureau in July.

The bill mandates that the CFPB issue a proposal for a single federal mortgage disclosure form that satisfies both TILA and RESPA requirements within 18 months of assuming oversight responsibility.

By the time Dodd-Frank was passed, HUD had rolled out new RESPA loan disclosure forms in the face of industry opposition, but the Fed was still in the process of overhauling TILA disclosures.

A combined TILA-RESPA disclosure rule "could well be proposed by the (bureau) before any new disclosure requirements issued by the Board could be fully implemented," the Fed said in announcing that it will not finalize three rulemaking proceedings it's initiated since August 2009.

Although there are specific provisions of the Fed's proposals that would not be affected by the bureau's development of joint TILA-RESPA disclosures, adopting them "in a piecemeal fashion would be of limited benefit, and the issuance of multiple rules with different implementation periods would create compliance difficulties," the Fed said in an announcement.

In announcing plans to update TILA loan disclosures in the summer of 2009, Fed Chairman Ben Bernanke said the one-page TILA disclosure currently in use "is not adequate to convey the features and risks of today's complex products."

The Fed promised improved disclosures would:

Capture most fees and settlement costs paid by consumers in the disclosed annual percentage rate.
Require lenders to show how the consumer's APR compares to the average rate offered to borrowers with excellent credit.
Require lenders to provide final TILA disclosures at least three business days before loan closing.
Require lenders to show consumers how much their monthly payments might increase for adjustable-rate mortgage (ARM) loans.
Another issue the Fed was attempting to tackle was the use of "yield spread premiums" -- rebates paid by lenders when mortgage brokers place borrowers in loans with higher interest rates than they might otherwise have qualified for.

Critics said the rebates were often pocketed by mortgage brokers without a borrower's knowledge, creating a financial incentive for loan originators to place borrowers in more costly loans.

The Fed proposed a ban on yield-spread premiums that was to take effect April 1 -- a move adamantly opposed by the National Association of Mortgage Brokers.

HUD, for its part, has maintained that yield-spread premiums can benefit borrowers who would otherwise have trouble paying their closing costs, as long as the rebates are not pocketed by mortgage brokers.

Instead of banning yield-spread premiums, the standardized loan disclosure forms HUD began requiring lenders to use last year require that the rebates be credited against a borrower's closing costs.

Inman News columnist Jack Guttentag has characterized the dual-disclosure system as "a disgrace" because critical information is often buried or absent.

But Guttentag -- also known as "The Mortgage Professor" -- has also questioned whether the solution put forward in Dodd-Frank will solve the problem.

Dodd-Frank appears to have more mandated disclosures than TILA, some of which are "nonsensical and will prejudice the ability of (the CFPB) to do its job," Guttentag wrote in a column on the topic.

Contact Inman News: http://www.inman.com/