Released: September 22, 2007

Group aims to protect Hispanic borrowers

Source: Kathleen Lynn, The Record [Washington Post] (Free Registration)

Buying a house can be intimidating for anyone.

But it’s especially difficult for Latino buyers, according to the National Association of Hispanic Real Estate Professionals. The group this week announced a set of ethical principles, called a code of trust, aimed at protecting those buyers.

The organization’s code calls for stronger licensing and industry education requirements, quality controls to ensure that all qualifying consumers are offered a prime loan, increased education so borrowers can make informed decisions, and development of a bilingual guide to home buying.

“Shrinking values and the current credit crunch threaten to undermine the steady homeownership gains our community has made in the past 20 years,” said Timothy Sandos, president and chief executive of the association. 

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