New Findings in Preventing Latino Home Foreclosures

WASHINGTON, Oct. 25 /PRNewswire-USNewswire/ -- The Congressional Hispanic Caucus Institute's National Housing Initiative, HOGAR, in partnership with NeighborWorks(R) America, today released the findings of eight national focus groups with Latino-serving housing professionals and proposed its recommendations for policymakers, market players, and community advocates on how to prevent Latino home foreclosures.

Senator Robert Menendez (NJ) and Congressmen Joe Baca (CA-43) and Albio Sires (NJ-13) participated in the policy briefing discussing eight focus groups held nationally with more than 90 housing industry representatives. Focus groups were strategically held in Austin, TX; Chicago, IL; Denver, CO; Miami, FL; Phoenix, AZ; Washington, DC; and Northern Virginia, areas with both high rates of foreclosure and large Latino populations.

"The foreclosure crisis we currently face in the Latino community is only going to get worse unless we act now," said Esther Aguilera, CHCI President & CEO. "HOGAR's recommendations are the first concrete steps we must take to protect countless Latinos from losing their homes. With 25 Members of Congress serving on our board, CHCI is uniquely positioned to inform policy makers on the critical significance of our findings."

"When so many Hispanics have been sold ticking time-bomb loans, it is crucial that we make it a priority to target this kind of predatory lending," said Sen. Bob Menendez (D-NJ). "I am committed to addressing the mortgage crisis, and I commend CHCI's HOGAR initiative for making substantive and productive recommendations. It helps people in our communities continue to live the American Dream."

"The Congressional Hispanic Caucus Institute's HOGAR program has once again provided valuable insight into the problem that potential Hispanic homeowners face in today's housing market," said Rep. Albio Sires, a member of the House Financial Services Committee. "Their recent report, Sustainable Homeownership - Market and Policy Implications for Communities, will help guide efforts in Congress to ensure that homeowners build wealth for their future, rather than lose hope and their home."

    HOGAR's recommendations to abate future foreclosures include:

    -- Lenders should be encouraged to continue using flexible underwriting
       methods coupled with homeownership education by a trained professional.
    -- Leaders in the housing community should facilitate communication
       between real estate professionals and housing counseling organizations
       to discuss how counseling can help homebuyers get and stay in their
       homes.
    -- Develop a system that allows housing professionals and consumers to
       anonymously report unethical acts to protect the most vulnerable
       populations.

To obtain a copy of the complete report Sustainable Homeownership - Market and Policy Implications for Communities, please go to http://www.chci.org

About Congressional Hispanic Caucus Institute

Congressional Hispanic Caucus Institute (CHCI), a nonprofit and nonpartisan 501(c) (3) organization, provides leadership development programs and educational services to students and young emerging leaders. The CHCI Board of Directors is comprised of Hispanic Members of Congress, nonprofit leaders and corporate executives. For more information call CHCI at (202) 543-1771 or visit http://www.chci.org.

About HOGAR

The Congressional Hispanic Caucus Institute's (CHCI) HOGAR program, was created in 2003 as a housing initiative that seeks to ensure that Latinos share equally in the American dream of homeownership. Spanish for "home," HOGAR stands for Hispanic Ownership, a Growing American Reality.

HOGAR has three complementary components: 1) a fellowship program which develops Latino leaders in the housing and finance fields; 2) community housing events that both increase financial literacy and improve consumer understanding about the mortgage process; and 3) research and policy analyses that address homeownership barriers Latinos face and the opportunities that exist for them to become homeowners.

About NeighborWorks(R) America and the Neighborworks Network

Neighborhood Reinvestment Corporation, doing business as NeighborWorks(R) America, was established by an act of Congress in 1978 (Public Law 95-557). A primary objective of NeighborWorks(R) America is to increase the capacity of local, community-based organizations to revitalize their communities, particularly by expanding and improving housing opportunities. These local organizations, known as NeighborWorks(R) organizations, are independent, resident-led, nonprofit partnerships that include business leaders and government officials. Together they make up a NeighborWorks(R) network.