National CAPACD Launches AAPI Foreclosure Response Plan

Excerpt from the article:

National Coalition for Asian Pacific American Community Development has launched a coordinated national effort to increase the capacity of AAPI community development organizations to serve AAPI neighborhoods and at-risk homeowners.

The plan will work to ensure that a majority of AAPI residents of every major metropolitan area in the U.S. are aware of the foreclosure risk factors and options available to at-risk borrowers, and community-based organizations have the resources to stabilize neighborhoods.

As part of the AAPI National Foreclosure Response Plan, Freddie Mac, NeighborWorks America, and Countrywide are supporting National CAPACD to address the increasing number of at-risk homeowners among Asian Americans and Pacific Islanders.

Subprime loans among Asian Americans almost tripled between 2004-05. Many of the current efforts to address the foreclosure crisis exclude almost all organizations that have the language and cultural expertise to reach diverse AAPI communities across the country.