NEW ORLEANS, Aug. 4, 2011 /PRNewswire/ -- The National Association of Real Estate Brokers, Inc. (NAREB) will announce a historic engagement between the National Association of Real Estate Brokers and Wall Street investors, to launch an $800 Million Homeowner's Assurance Program (HAP) to address the devastating effects of the mortgage crisis on minority families and their communities: in particular, foreclosure mitigation, disaster recovery and neighborhood blight. The announcement will be made following the first NAREB State of Housing in Black America Issues Forum, Sunday, August 7, 2011, 2:00 p.m. - 4:00 p.m., in New Orleans, LA. A press conference will immediately follow the Forum, from 4:00 - 4:30 p.m., where the formal launch and an introduction of the business team and investors will be announced. The Forum is one of several events taking place during NAREB's 64th Annual Conference at the Ritz Carlton Hotel (921 Canal Street) in New Orleans.
Through the innovative program, NAREB's partners will provide an infrastructure to acquire, manage, market and dispose of non-performing loans and REOs (properties held by banks), GSEs, security firms, governmental agencies and other entities in urban and rural communities across America. The Wall Street investors have committed to providing the initial capital for the purchase of non-performing loans and REO assets up to $200 million per quarter beginning in third quarter 2011 to launch the program.
NAREB President-Elect, Julius Cartwright says, "Ultimately, our program is designed to protect the legacy, preserve the history, and restore hope to minority communities all over the country."
NAREB was formed in 1947 by African American real estate professionals out of a need to secure the right to equal housing opportunities, regardless of race, creed or color. NAREB is the oldest minority trade association in America.
The Forum is free and open to the public. For more information, visit www.NAREB.com.
SOURCE National Association of Real Estate Brokers (NAREB)