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...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about The American Dream
  • The American Dream Essay
  • American Dream Essay
  • Essay about Immigration Trying to Achieve the “American Dream”
  • american dream Essay
  • The American Dream Essay
  • Maya Angelou's African American Dream Essay

Become a StudyMode Member

Sign Up - It's Free