Fair Housing month and reform for minorities

April is Fair Housing Month. The Civil Rights Act of 1968, Fair Housing Act, Americans with Disabilities Act and Equal Credit Opportunity Act were all passed to protect consumers against discriminatory treatment in housing. 

The National Association of REALTORS recommends you contact your local Board of REALTORS or the U.S. Department of Housing and Urban Development if you suspect discrimination. 

Connect2Agent wants to recognize Fair Housing Month by shining the light on two real estate stories:

Coalition seeking calmer waters for minorities purchasing real estate

The National Association of Hispanic Real Estate Professionals (NAHREP), National Association of Real Estate Brokers (NAREB) and Asian Real Estate Association of America (AREAA) have proposed a five-point plan to protect minority homeowners.

The plan was announced at NAHREP's annual legislative conference to help save troubled homeowners and provide options for new home buyers. The coalition will meet with lawmakers in April to discuss their plan.

Plan details include:

• An industry policy for identifying declining markets
• Creation of a mortgage fund for declining markets
• Creation of a new Community Reinvestment Act (CRA) to pursue foreclosure prevention initiatives
• Federal and state licensing and education standards for all mortgage professionals

For full news coverage of this story, visit the Fox Business website. For proposal details, visit the Asian Real Estate Association of America's website.

A post I wrote last September, Has the subprime market hurt minorities' success in homeownership?, discusses the disparity between fees and interest rates charged to minorities when getting a mortgage. 

The 2007 Annual Minority Lending Report found that in 2006, more than half of all mortgages to African Americans in 12 states were subprime. Coincidentally, 70% of all mortgages to African Americans in Michigan were subprime. Michigan has been one of the states hit hardest recently by foreclosures, so one could venture that a number of these foreclosures are minority households.

Disclosure is key in turning these issues around. First disclosure, then action. You can get involved and make a difference by contacting your local legislature and finding out about state and local laws governing fair housing. In this case, change is definitely a good thing.

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Posted by Rebecca D. Levinson