Home Loan “Suitability” Will Top Hispanic Mortgage Lending Conference Agenda

Mortgage suitability and potential new lending standards designed to protect consumers from predatory mortgage practices will be at the top of the 2007 agenda for the legislative meeting of the National Association of Hispanic Real Estate Professionals (NAHREP).

The 14,000-member trade association announced the line up this week for the event that will be held on March 7-10 at the JW Marriott in Washington D.C.

Chief among NAHREP’s concerns is sustainable homeownership among Latinos. The recent popularity of innovative, bad credit home loan programs has enabled a legion of Hispanic consumers to become homeowners and has pushed the overall homeownership rate above 50%.

At the same time, the trend has sparked delinquencies and foreclosures as rates on adjustable mortgages reset and payments spike. NAHREP’s forum will host key figures on all sides of the issue and will explore solutions that balance accountability and consumer protections.

“‘Suitability’ is the buzz word on Capitol Hill as lawmakers weigh solutions that address the trends that led consumers to commit to adjusting [home mortgages] they can’t afford,” said Tim Sandos, NAHREP president and CEO. “What’s clear is that reasonable solutions must be created that don’t close the door to loan programs that help Latinos become homeowners or put the brokers out of business that service the community.”

Also central to this year’s discussion for the Hispanic trade group is Immigration, GSE and FHA Reform.

Last year, NAHREP backed the Kennedy-McCain bill; this year members are looking to weigh in with legislators that are talking about more moderate measures that are favorable to undocumented laborers. Immigrants are projected to play an important role as first-time home buyers in the future housing market.

The three-day event includes member visits to Capitol Hill and town-hall forums with business leaders, Hispanic leaders and elected officials. Invited guests include Senators Harry Reid (D-NV), Bob Menendez (D-NJ), Edward Kennedy (D-MA), Chris Dodd (R-CT) and Representatives Barney Frank (MA-4) and Xavier Becerra (CA-31) among others.

The meeting will also feature the installation of NAHREP’s incoming Chairman Felix DeHerrera and Vice Chair Rebecca Gallardo-Serrano at a gala on March 9.