Las Vegas, NV– National Asian American Coalition is the largest Asian American HUD-approved home counseling organization serving homeowners in distress in the United States. It is also the national Asian American advocate for responsible home lending policies by the Obama Administration. This includes frequent meetings in 2011 with the Chairman of the Federal Reserve, the Comptroller of the Currency, Treasury, the Chair of the FDIC and the head of the Federal Housing Finance Agency.
The National Asian American Coalition (NAAC) is also critical of President Obama’s failures to resolve the housing crisis, including his State of the Union address on January 24th relating to the housing crisis. In November 2009, it led the first grassroots demonstration against Secretary of Treasury Geithner and then marched to the White House.
Today (January 25th), NAAC sent a letter urging the four primary Republican Presidential candidates to meet either individually or in a collective forum with Nevada homeowners in distress to discuss solutions to the housing crisis in Nevada. (Nevada has both the highest unemployment rate and the highest foreclosure rate in the nation; and among all regions in America, Las Vegas has the highest rate of foreclosure and highest percentage of families deeply underwater.)
On behalf of Nevada’s approximately 225,000 Asian Americans and three million Nevadans, we have offered a responsible homeowner solution that will particularly benefit Nevada. So far the Obama Administration has ignored this suggestion.
The Tea Party/Occupy Las Vegas Solution
On behalf of Nevada homeowners facing foreclosure, or have been in foreclosure, we are urging the government and the banks to provide families with the opportunity to become a tenant in their own home. They would then have an option to repurchase the home at a later date. (To be eligible to repurchase the home the tenant would have to demonstrate that they have made prompt rental payments and are in a position to be a responsible homeowner.)
Once the candidates agree to meet, we will also discuss with them alternative homeownership policies that will also benefit the long-term growth and stability of Nevada.
Faith Bautista, President and CEO of the NAAC said: “The Republican Party is in a unique position, particularly if the leading Republican primary candidates speak out on the issue, to strongly influence the future of homeownership and the future of foreclosures in Nevada and other hard hit areas. Our organization has met many times with the Federal Reserve Chairman as well as with the Chair of the FDIC, the Comptroller of the Currency and the head of FHFA. We have met with Senator Harry Reid and his senior staff on solutions to the foreclosure crisis.”
“The homeowner programs we are suggesting could be pilot projects for Nevada only. But, they could easily be ramped up to cover other hard hit areas, such as Florida, Arizona and California.”