Helping Minorities Achieve the American Dream

Topics: United States Census Bureau, United States, United States Census Pages: 2 (302 words) Published: August 2, 2010
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


Source: U.S. Census Bureau

Minority Homeownership: Trailing the Pack

Source: U.S. Census Bureau

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 2.3 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
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...
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