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Options offered to prevent further foreclosures
WASHINGTON, DC – In yet another historic moment for the Filipino-American community, a pan-Asian group led by Faith Bautista, executive director of San Diego-based non-profit Mabuhay Alliance, met with top officials of various government offices in an effort to offer alternatives to solve the current housing crisis.Bautista and her group, which also included leaders in the Hispanic and African American communities, met with key leaders in the administration who are working with each other to solve the foreclosure crisis. These community leaders met with Federal Reserve Chairman Ben Bernanke, FDIC Chairman Sheila Bair, Chairman of the Financial Services Committee Barney Frank, among others.
"I am very happy and privileged to lead this group because this is the first time that a Filipino-American organization is spearheading something as big as this, and we are hoping that they get to listen to what we have to say," Bautista told the Asian Journal.
The group is espousing a "Tenant to Homeowner" program because "none of the government efforts seem to be working."
"Despite the massive reorganization of the Obama administration’s home ownership priorities, the number of foreclosures will continue to accelerate, and no end is in sight as declining home values and increasing unemployment continue unabated," wrote Bautista and Marcia Griffin, president of HomeFree-USA, at American Banker.
HomeFree-USA and Mabuhay Alliance are two home counseling nonprofits serving every area devastated by the blight and economic cost of foreclosures. They have been aggressively pushing for the "Tenant to Homeowner" program and have suggested that it be funded by "a combination of Troubled Asset Relief Program and economic stimulus money".
The group likewise urged the various government offices and regulators to form direct partnerships with local community groups to solve the foreclosure crisis and that top officials meet with Mabuhay Alliance in California to tour areas around the state most hard hit by the recession and the foreclosure crisis.
Among these areas most hardly hit is the Inland Empire, and Mabuhay Alliance’s Hispanic partners Luis Escoto and Amado Hernandez joined the group to shed light on what other efforts must be done in order to bring the Inland Empire back to life.
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