Minority RE Professionals Unveil 5-Part Plan

Noting the housing downturn's disproportionate impact on minorities, groups of Hispanic, Asian, and African-American real estate professionals have put forth a "five-part plan of action" to protect ownership for people of color. Among other things, the plan calls for a national foreclosure prevention fund to help troubled borrowers. The plan, which was issued at the National Association of Hispanic Real Estate Professionals' annual legislative conference in Washington, recommends that the foreclosure prevention fund offer "realistic" loan modifications and workouts, including the use of "soft seconds." It also proposes that lenders be blocked from pursuing foreclosure until they have fully documented that all reasonable steps were taken to contact borrowers and provide them with a full spectrum of options. "Our communities are at great risk," said NAHREP chair Rebecca Gallardo-Serrano. The NAHREP was joined in recommending the plan by the Asian Real Estate Association of America and the National Association of Real Estate Brokers. Together, the three groups have 70,000 members.