Eastside Non-Profit Helps Families Hang on to Their Homes During one of the Worst Housing Crises in California History

Foreclosure Crisis Hits Hardest in Minority Communities – Research Shows 40 Percent of All Loans to Latinos are High Cost Loans

    LOS ANGELES, Oct. 9 /PRNewswire/ —

    WHAT:   The East LA Community Corporation (ELACC) invites homeowners at
            risk of foreclosure to attend a free workshop and participate in a
            program designed to help families understand how their loan works,
            how to negotiate with their lenders and how to respond if
            foreclosure is a threat.  ELACC is a Housing and Urban Development
            (HUD) certified agency that can provide mortgage default and
            foreclosure prevention counseling. Free one-on-one counseling is
            also available after the workshop.

            African-American and Latinos are faced with a dramatic increase in
            foreclosures, which will affect 2.2 million families, according to
            new research by the Center for Responsible Lending (CRL).  The
            research shows that foreclosures will affect 8 percent of Latino
            families and 10 percent of African American borrowers.   It also
            finds that communities of color will be hit the hardest because
            high-cost subprime loans — or higher-interest loans — to
            borrowers with impaired or non-existent credit histories are
            disproportionately made in those communities.  In the East Los
            Angeles area, more than 1,000 families are in danger of losing
            their homes.

            According to the Mortgage Banker's Association, $1.1 trillion to
            $1.5 trillion of ARMs are eligible to reset in 2007, resulting in
            the foreclosure crisis seen in the Latino community and elsewhere.
            ELACC is taking proactive steps to help community members work
            within the system and save their homes.

    WHERE:  ELACC Offices
            530 S. Boyle Ave.
            Los Angeles, CA
            Registration: 323-692-2646

    WHEN:   Saturday, Oct. 13, 2007
            10:00 a.m. (Spanish) and 2:00 p.m. (English)

    FOR MEDIA:
                 — Media is invited to promote the program and inform
                    families facing foreclosure about the workshop.
                 — ELACC spokespersons/counselors and families currently
                    participating in ELACC's Foreclosure Assistance Program
                    are available for interviews.
SOURCE East LA Community Corporation

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