Helping Minorities Achieve the American Dream Essay

The American Dream Turning a Dream into Reality for Minorities Executive Summary Homeownership for minorities is a dream, not a reality. Large gap in homeownership between Whites and African Americans and Hispanics population Average 26. 7% behind White homeownership Major misconceptions about lending process and unfair lending practices contribute to minority homeownership rate gaps Identify and correct the issues – increase market share, revenue and homeownership rates. Keep the dream alive Educate consumers Provide flexible and innovative products and services

Minority Population: Fast Pace Growth Black and Hispanic communities account for 81. 5% of total minority population by 2025 Hispanics – fastest growing race in U. S. Estimated figures Percent Source: U. S. Census Bureau www. census. gov Minority Homeownership: Trailing the Pack Source: U. S. Census Bureau www. census. gov Trends in Minority Lending – Lending Process Misconceptions and Unfair Practices Lead the Way Lending at or below year 2000 levels High cost loans carry a high price African Americans 2. times more likely to default Hispanics 2 times more likely to default Prime-qualified minorities receiving subprime rates Minorities 2. 5 times more likely to get declined for primary mortgage The Time to Act is Now! Reaching Minority Markets – Where do we Start? Community outreach marketing Establish relationship with institutions Flexible products and services Alternative credit analysis and related products Down payment / closing cost programs Reaching Minority Markets – Trusted Advisors

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Raise homeownership awareness Educate on process, rights and steps Provide dedicated before, during and after loan support and counseling Credit counseling, budgeting basics Mortgage support hotline Bi-yearly follow-ups; first 3 years Reaching Minority Markets – Why? Develop and meet needs of large (and growing) customer base Bottom line growth Increased market share Stewards of humanity Provide socio-economic opportunities to minorities Close the Gap: Make The American Dream a Reality


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