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���A lot of our contractors were really excited about being formally certified as a minority- or womanowned company. Our goal is to get 400 subcontractors certified.��� The name of nities, the group has the new venture is an annual conference SweetHomeAgain. ���Michael Greenbaum, Safeguard Properties featuring speakers who com. ���We are not offer insight on diverse the first to convert topics. The WinDS foreclosures to rentals,��� 2013 Conference is these ethnic communities.��� Sims said, ���but we are the first to work with the scheduled for March 14-16 in Las Vegas at the NAREB was one of the first organizations bank so [the former homeowners] will be able to Green Valley Ranch Resort, Spa, and Casino. to offer default servicing-specific training and finance the home again.��� While the strategy will The meeting is preceded by a Credit Smart certification to its Realtist members, Cartwright yield a profit for ACCR, Sims stresses that the Workshop presented by Freddie Mac on March said. In addition to arming its membership with underlying motivation is to ���help people stay in 13. Kaye said the conference will ���offer informathe expertise and skills needed in the REO their homes.��� space, NAREB also offers educational courses on tion about the default servicing industry as well as financial literacy, wealth building, and responsible give information about living our lives better and Local Familiarity increasing our abilities to do our jobs well.��� homeownership to consumers in communities Although the industry���s minority organiKaye says the WinDS group is also dedicated of color. The group conducts forums around the zations make it a central focus of their work to en- country that focus on finding solutions for some to making local communities better places to sure their members are well-prepared to support live. ���We are in this industry, and we want to of the challenges facing the local communities the real estate activities and market recoveries do something to make a difference,��� she said. where its members live and work. within their own local neighborhoods, many To achieve this purpose, WinDS has formed banks do not realize the availability of minority a nonprofit foundation to purchase foreclosed Armed with Education businesses and award their projects to companies properties, rehabilitate them, and resell the homes Through online webinars, mentoring, that are not minority-owned or staffed, or even to low-income families. networking, and an annual trade conference, located in the vicinity, according to Julius Cart���A lot of times, a nonprofit group can purWomen in Default Services (WinDS) has been wright, president of the National Association of chase foreclosed properties at a discount from city successful in helping its members become better Real Estate Brokers (NAREB). connected and share their experiences with other governments or lenders who are unable to sell NAREB is a minority trade organizathese properties. Sometimes, they even donate like-minded women across the country. ���Several tion formed in 1947 by African American real of our members have received assets just from our them,��� Kaye explained. The foundation���s first estate professionals and the oldest Fair Housing acquisition initiative is currently in the works networking and have increased their business,��� organization in the country. ���We know these and targets the Chicago market. Eventually the said Shelley Kaye, president and executive direccommunities inside out,��� Cartwright said. ���We foundation plans to expand to other cities. It���s a tor of the group. have members who are trained and certified to project that WinDS is ���very excited about,��� acWinDS, was organized in 2009 and has a [perform] whatever services are needed in minor- diverse membership that includes women who cording to Kaye. ity neighborhoods, [with] the skills to provide work in all categories of default servicing, from expert property management, preservation, International Outreach REO Realtors, title company executives, and inspections, and repairs.��� For the past several years, real estate invesproperty preservation professionals to lenders and Cartwright continued, ���Another advantage servicers, Freddie Mac associates, asset managers, tors���both in this country and abroad���have our members can offer is familiarity with and been enticed by the values and numbers of foreand executives in mortgage banking. close proximity to [the banks���] REO properKaye says the mission of WinDS is to advance closed properties available for sale. Now, many ties.��� Cartwright pointed out that since a large the careers of women working in default servicing bank-owned inventories are diminishing, but percentage of foreclosures are found in minority demand for these properties remains elevated. while enhancing their sense of personal and proneighborhoods, ���it is easier and more efficient ���There is a huge amount of competition for fessional success. She stresses, however, that the to provide service in communities where a these assets,��� explained Jim Park, 2013 national group���s efforts also provide benefits to the default tradesman works every single day.��� He says it���s servicing industry as a whole. ���We educate and in- chair of the Asian Real Estate Association of a primary goal of NAREB to alert banks of the America (AREAA). Park describes the sudden form our members so they will be able to provide availability of minority default servicing profesexceptional services to the industry,��� she said. She supply-demand imbalance many markets are sionals such as its members for servicing REO experiencing as ���startling.��� explained that the group���s webinars offer valuable properties in minority neighborhoods. ���You don���t information about subjects such as how to start ���Three years ago, we thought places like see a broad diversity of ethnic minorities working a certified woman-owned business, federal conPhoenix and Miami would have excess inventory in these areas,��� he said. ���As a trade association, tracting for women, updates from lobbyist groups, for the next decade,��� Park said. Many AREAA we want to connect our members with banks members are working to identify ways to access and discussions concerning women���s issues. or hedge funds who acquire REO properties in In addition to ongoing educational opportuthese foreclosed assets as the default market slows 56