NAREB and Investors Partner in $800M Housing Relief Program

Studies have shown that minorities have been disproportionately impacted by the nation's housing crisis. The ""National Association of Real Estate Brokers, Inc."":http://www.NAREB.com (NAREB) is taking steps to ease that impact.

NAREB is partnering with Wall Street investors to launch an $800 million Homeowner's Assurance Program (HAP) to bring foreclosure mitigation to minority families and clean up neighborhood blight in their communities.

[IMAGE] [COLUMN_BREAK]

The trade group plans to officially announce the innovative initiative this weekend at the ""64th Annual NAREB Convention"":http://www.nareb.com/view/forms/nareb_event_details.aspx?eventID=204 in New Orleans, Louisiana. The official launch of the program and an introduction of the business team and investors will take place at the first NAREB State of Housing in Black America Issues Forum on Sunday.

Through HAP, NAREB's partners will provide an infrastructure to acquire, manage, market, and dispose of nonperforming loans and REOs held by banks, the GSEs, security firms, government agencies, and other entities in urban and rural communities across America.

The Wall Street investors have committed to providing the initial capital for the program of up to $200 million per quarter beginning in third quarter of 2011.

""Ultimately, our program is designed to protect the legacy, preserve the history, and restore hope to minority communities all over the country,"" said Julius Cartwright, NAREB president-elect.

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.