NAHREP supports new GSE goals for mortgages to underserved homebuyersMortgagePress.comNAHREP, The National Association of Hispanic Real Estate Professionals, HUD, U.S. Department of Housing and Urban Development
The National Association of
Hispanic Real Estate Professionals (NAHREP) applauded the
increased goals announced by the U.S.
Department of Housing and Urban Development requiring 400,000
more mortgage fundings by Fannie Mae and Freddie Mac to low- and
moderate-income borrowers in underserved areas during the next four
years. The new goals are intended to increase the percentage of
business devoted to underserved homebuyers by the
government-sponsored companies. With the Hispanic homeownership
rate still a full 25 percentage points below the non-Hispanic White
rate, NAHREP is focused on ensuring that Hispanic families are
getting equal access and that the GSEs are giving appropriate
emphasis to the nation's largest minority population.
Four hundred thousand more new mortgages to low- and
moderate-income families is a great start and we applaud HUD for
setting new stretch targets, said NAHREP Chair and Cofounder Gary
Acosta. However by not including specific incentives for minority
loans, we feel that HUD is missing a tremendous opportunity to
advance President Bush's goal of increasing minority homeownership
by 5.5 million families by the end of the decade.
For more information, visit www.nahrep.org.