A collaboration of organizations serving Asian Pacific Islander immigrants in the Los Angeles region will host a multi-language, home rescue fair on Saturday, Dec. 5 from 10 a.m. to 2 p.m. at South El Monte High School in El Monte.
According to a research conducted by the National Association of Realtors, the use of subprime loans among API Americans grew by 181 percent from 2004 to 2005. As a result, many borrowers are now placed in risky mortgage products. The research also indicates that 22 percent of loans to Asian American and 33 percent of loans to Native Hawaiians and Pacific Islanders were high coast loans. API borrowers have reported paying anywhere from $500 to $7,000 to foreclosure modification scammers that collect fees up front and provide no assistance.
Asian Pacific Planning & Policy Council, Search to Involve Pilipino Americans, Korean Resource Center, Asian Pacific American Legal Center of Southern California, Thai Community Development Corporation and the Little Tokyo Service Center have teamed up with Bank of America, the National Coalition for Asian Pacific American Community Development and the National Urban League to establish a national partnership, the Alliance for Stabilizing Our Communities. Their mission is to protect API homeowners, who often are limited English proficient, from costly and illegal services promising successful loan modifications that provide no relief.
At the Fair, homeowners will have an opportunity to meet one-on-one with a bank loan specialist, HUD-approved housing counselors, attorneys, and attend foreclosure prevention worships. On-site translators will be available in Chinese, Korean, Tagalog and Thai.
For more information on the Fair, call Mark Masaoka, A3PCON policy coordinator at (213) 473-1609.