Homeownership Begins With a Banking Relationship and Credit History

Focus Group Study of Un-Banked Latinos Shows Lack of Knowledge about the Path to Homeownership

June 16, 2004 - The path to homeownership in the United States often begins with the establishment of a banking relationship and the development of a credit history. However, many Latinos in the United States do not immediately establish these relationships due to a number of barriers and limitations. Bendixen & Associates, the nation's leading independent polling firm in assessing Hispanic public opinion, recently completed focus group research for the Homeownership Alliance. This research sheds light on Latinos' banking experiences and explores their attitudes toward establishing a bank account and becoming a homeowner.

The focus group results give insight into Latino's opinions about banking and homeownership. Specifically, the research uncovers:

-- the Latino mindset regarding their current financial state;

-- their image of banks in Latin America versus and the U.S.;

-- whether homeownership is an important goal and if Latinos realize a connection between the benefits of opening a banking account and their pursuit of homeownership; and

-- their financial needs and which banking products would be most beneficial.

The results of these focus groups on Latinos, homeownership and banking will be released June 16 at the National Press Club in Washington, D.C.

WHAT:

Report on Banking for Latinos

WHEN:

Wednesday, June 16, 2004, 9:30 to 11 a.m. EDT

WHERE:

National Press Club Morrow Room, 13th Floor,
529 14th Street, NW, Washington, DC 20045

Based in Washington, D.C., the Homeownership Alliance is a coalition of more than fifteen organizations committed to ensuring support for the American housing system. Members include Consumer Federation of America, The Council of Insurance Agents & Brokers, The Enterprise Foundation, Fannie Mae, Freddie Mac, Habitat for Humanity International, Independent Community Bankers of America, Independent Insurance Agents & Brokers of America, Local Initiatives Support Corporation, National Association of Federal Credit Unions, National Association of Hispanic Real Estate Professionals, National Association of Home Builders, National Association of Mortgage Brokers, National Association of Real Estate Brokers, National Association of Realtors(r), World Floor Covering Association, National Bankers Association, National Council of La Raza, and National Urban League.

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CONTACT:
Homeownership Alliance
Bill Mashek
202-354-8275
or
Katharine McFall
202-354-8262