HIP-HOP LEADERS AND MORTGAGE GIANTS UNITE TO ATTACK FORECLOSURE CRISIS AND INCREASE HOME OWNERSHIP OPPORTUNITIES FOR YOUNG AMERICANS

WHO: Hip-Hop Summit Action Network (HSAN) co-founder Russell Simmons; HSAN co-founder, President/CEO Dr. Benjamin Chavis and Executive Director Valeisha Butterfield; Lori Gibbs, Vice President, Affordable Housing and Industry Affairs, Genworth Financial; Maria Kong, CEO of NAREB (National Association of Real Estate Brokers, the oldest and largest African American real estate trade organization); Tim Sand os, CEO of NAHREP (National Association of Hispanic Real Estate Professionals) and Lynn Richardson, Chair of the HSAN Home Ownership Advisory Council. WHAT: In response to the current billion dollar mortgage and foreclosure crisis throughout the United States, HSAN and mortgage industry executives have joined together to announce a joint initiative to provide solutions to this crisis for young Americans. According to the Center for Responsible Lending, foreclosures soared 75 percent nationally in 2007, and the trend continues today. As a result of foreclosure, African Americans have lost more than $92 billion, and a loss of more than $122 billion is projected. Latinos will lose $98 billion. Overall, people of color and others will lose more than $200 billion if effective solutions are not implemented. This joint venture’s programmatic solutions will be unveiled at the press briefing. WHERE: Hip-Hop Summit Action Network offices; 512 7th Avenue (37-38th Sts); 42nd floor. WHEN: Tuesday, September 9, 2008; 12 noon -12:30pm EST. PRESS CHECK IN AT 11AM EST. BRING ID TO GET INTO BUILDING, PLEASE.

russell simmons, hip hop summit