Minority Real Estate Trade Groups Back Fed & Treasury Department’s Action To Fortify Freddie Mac and Fannie Mae

-Hispanic, Asian and African American real estate professionals issued a joint statement of endorsement today for the actions of the Federal Reserve Board and U.S. Treasury Department to bolster support for Government Sponsored Enterprises Fannie Mae and Freddie Mac. The Multicultural Coalition of 70,000 combined members of the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers announced their support of the measures by way of a letter sent to lawmakers and decision makers.

“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. “Without these important institutions, we believe that the current real estate crisis would be significantly worse, particularly for many minority families looking to finance their first homes or refinance out of existing high-cost mortgage products.”

The Multicultural Coalition views the GSEs as pillars of the housing system with an essential role to growing homeownership rates in the minority and immigrant markets. The groups favor immediate actions that ensure that the GSEs have adequate access to liquidity and sufficient capital to help promote recovery in the housing market. “*

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