Maricopa Chamber Ethics Blog

hispanic real estate and ethics

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Last modified: September 17, 2007

We can only pray that Lawyers and insurance companies are close behind. (just joking for you lawyers and insurance people, sort of?)

Realty ‘Code of Trust’ unveiled
Andrew Johnson
The Arizona Republic
Sept. 16, 2007 07:24 PM

The National Association of Hispanic Real Estate Professionals is unveiling a Code of Trust today that it wants its members to follow in light of recent data showing that Latinos are more susceptible to predatory lending.

“En Confianza: The NAHREP Code of Trust,” urges members to offer a prime loan to any consumer who qualifies for one, educate consumers about the impact of “negative amortization” products and provide consumers with all lending information they need at the beginning of a home purchase.

It will be unveiled during the Hispanic Marketing Convention & Expo in Orlando.

The move is prompting by a “crisis in trust in the industry,” said Tim Sandos, president and CEO of the association, adding that the crisis is between “consumers and their trust of professionals in the field.” Association members have indicated they believe that Hispanic borrowers are at greater risk to predatory lending because a lack of knowledge about home buying.