Tuyen Nguyen, CRER broker and the 2018 President Elect of the Asian Real Estate Association of America, described how some members of the Asian-American community could find themselves unable to apply for a mortgage because of a lack of credit history — some cultures frown upon taking on debt, and so potential homebuyers never generate a credit history despite consistent on-time payments.
She and panel member Hipolito Garcia of the National Association of Hispanic Real Estate Professionals discussed how new credit scoring models and “alternative credit history” like utility bills can be used to alleviate this common obstacle. Read full article in the ChicagoAgentMagazine.com
“After 50 years, we are still having this conversation.”
This year marks the 50th anniversary of the passage of the Fair Housing Act, part of the landmark Civil Rights Act of 1968 signed into law by President Lyndon B. Johnson. Real estate groups across the U.S. have marked the occasion in many ways throughout the year. The Chicago Association of Realtors hosted its own event Oct. 16 at the South Shore Cultural Center to examine a law whose history is bound up with the city’s own origin stories.
Photo credit: Marcello Rodarte for the Chicago Association of Realtors