The Hispanic real estate community is fearful that reform legislation that goes beyond placing Fannie Mae and Freddie Mac under the aegis of a strong, independent regulator could interfere with the underserved market's ability to access mortgage money.The National Association of Hispanic Real Estate Professionals is particularly concerned that any attempt to restrict the activities of the government-sponsored enterprises to those that occur after the closing would preclude them from engaging in much-needed educational and counseling efforts among Latinos and other minority groups. Fannie and Freddie "have an important role to play in disseminating information," not just to would-be borrowers but also minority realty and mortgage brokers, NAHREP chairman Gary Acosta said at the group's legislative conference in Washington. The so-called "bright-line" test that some favor "would bar the GSEs from the very activities that increase mortgage credit and reduce barriers to homeownership," Mr. Acosta said. "I don't see how that serves anyone." NAHREP claims about 16,000 members in 48 states. About 400 are attending the two-day conference. The association can be found online at http://www.nahrep.org.

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