The National Association of Real Estate Brokers News
Black Real Estate Professionals Express Cautious Optimism on Passage of Housing Stimulus Package
"NAREB applauds the Congressional leadership who worked diligently to pass the housing recovery measure in the House and Senate. Now, we urge President Bush to sign the bill into law, without hesitation.
"Our member Realtists view the housing relief legislation as a mixed blessing. On the one hand, we are hopeful that African-American homeowners can stay afloat long enough to recast their mortgage loans. We fear, however, that very few of the two million African- American homeowners facing foreclosure are creditworthy enough at this juncture to qualify for refinancing.
"The fallout from the subprime mortgage loan debacle has yet to fully materialize. If the projections are anywhere near accurate, one in five African American homeowners will lose their homes to foreclosure; the outrageous result of the disproportionate steering of minority homebuyers to onerous subprime mortgage loans. Not only are these loans crippling African Americans and other targeted minority homeowners, but also are primarily responsible for long-term destabilization of once desirable urban neighborhoods.
"We remain saddened that the stimulus package did not become law quickly enough to save approximately two million African American home foreclosures. While nothing restores their loss, we are encouraged that the Federal Housing Authority (FHA) is strengthened and positioned to play a more pivotal role in reversing the housing crisis.
"Additionally, we support the measure to raise the ceiling up to 115% of the local area median home price on mortgage loans eligible for re-purchase by Fannie Mae and Freddie Mac, Capping home prices of
"NAREB is poised to work with the public, private and nonprofit sectors to restore confidence in the marketplace and fairness in the mortgage lending market for all homebuyers. Let us all stand together to ensure that homeownership remains a realizable option for African Americans and other minorities."
NAREB's 61st Annual Convention opens on
Founded in 1947, The National Association of Real Estate Brokers (NAREB), 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 supported legislative initiatives to ensure fair housing for all Americans. Today, membership totals 35,000 Realtists(R) in 84 chapters, nationwide. For more information, visit the website at: www.nareb.com.
SOURCE The National Association of Real Estate Brokers
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