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In response to the current billion dollar mortgage and foreclosure crisis throughout the United States, the Hip Hop Summit Action Network (HSAN) and mortgage industry executives have joined together to announce a joint initiative to provide solutions to this crisis for young Americans.

According to the Center for Responsible Lending, foreclosures soared 75 percent nationally in 2007, and the trend continues today. As a result of foreclosure, African Americans have lost more than $92 billion, and a loss of more than $122 billion is projected. Latinos will lose $98 billion.

Overall, people of color and others will lose more than $200 billion if effective solutions are not implemented. This joint venture’s programmatic solutions will be unveiled at the press briefing.

For more information, check out www.hsan.org OR see below for pertinent information:

WHERE: Hip Hop Summit Action Network office

512 7th Ave (37th & 38th Ave.), 42nd Floor

WHEN: Tuesday, Sept. 9, 2008, 12 noon – 12:30 pm. Check-In at 11am.

PLEASE BRING ID.

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