AREAAAsian Real Estate Association of America (Carlsbad, CA)
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This historic change is the result of tireless work on part of many individuals and organizations, particularly AREAA members and chapters who campaigned hard to be heard throughout the country, said Vicky Silvano, AREAA national chair.
AREAA is the newest kid on the block, having been formed only in January 2003.
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.
According to an AREAA study, only 17 percent of the mortgage loans made to Asians in 2006 were subprime loans, which compares with 30 percent for all loans made to white borrowers.
The objective of both NAHREP and AREAA is to help empower practitioners so they can increase the rate of homeownership in their communities.
Members of AREAA received a market update from executives from Wells Fargo, the event's sponsor, and Corcoran Sunshine Marketing Group.
The magnitude of our crisis requires us to act boldly and decisively to put us back on the right track and restore consumer confidence in the real estate market," said AREAA Chairman John Fukuda.
Stewart Title is making the translated documents available to AREAA members in good standing.
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.
The spillover effect of subprime and Alt-A loans issued to minority consumers negatively affects entire communities," says AREAA Chair Emily Fu.
Senate and House" (11:15 am-12:45 pm) - a town-hall forum featuring the heads of NAHREP, AREAA, NAREB and the National Council of La Raza and a live poll that will capture practitioners' opinions on the current bills before the House and Senate.