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62 segregation and using our housing and community development investments to reduce inequality, rebuild neighborhoods burdened with concentrated poverty, and provide families with access to opportunities that will serve as stepping stones to better lives for them and their children," said New York Mayor Bill deBlasio. e new rule includes the promotion of access to community assets such as quality education, employment, and transportation for HUD's program participants. In addition to clarifying and simplifying existing fair housing obligations, HUD's new final rule creates a streamlined Assessment of Fair Housing planning process in order to help communities analyze challenges to fair housing choice and establish goals and priorities to address those challenges. "We're eager to support local leaders in giving every person an equal chance to access quality housing near good schools, transportation, and jobs, no matter who they are, what they look like, how they worship, or where they're from," said Castro. "is is vitally important because we know that were you live matters. Recently, Harvard economists led by Raj Chetty released a groundbreaking report that verified what many of us already knew in our gut - that children who live in good neighborhoods do much better than those who are stuck in poverty, which is why we must give every young person access to a community of opportunity." But the government has been attempting to create communities of opportunity for nearly 50 years with varying results. While it remains unclear whether the latest steps taken will further the goal one thing is clear: ere is more work to be done. FIVE STAR PARTNERS WITH INDUSTRY TO LAUNCH MORTGAGE DIVERSITY COUNCIL e Five Star Institute has announced the launch of the American Mortgage Diversity Council (AMDC), a member organization comprised of industry leaders and advocates focused on shaping the diversity agenda for the mortgage industry. e AMDC's goal is to drive results that support the application and promotion of the mortgage industry's best diversity practices, and advancing solutions that support initiatives outlined by Section 342 of the Dodd-Frank Act–which focuses on minority and inclusion rules that call for greater supply chain diversity and greater diversity in hiring and promoting in the workforce. Michael Ruiz, Director of Corporate Procurement with Fannie Mae, has been appointed the chairman of the AMDC for the 2015 through 2017 term. With more than 20 years' experience promoting diversity initiatives in the mortgage industry, Ruiz is an expert on government contracting and minority and women business programs. He has a bachelor's degree in history from Yale University and a master's in finance, marketing, and international business from the University of Illinois at Chicago. "I am honored to be appointed as chairman of the American Mortgage Diversity Council," Ruiz said. "e introduction of this organization comes at a time when the industry can universally benefit from an organized effort to make marked improvement in the area of diversity and inclusion. I look forward to a rewarding year as we work cross functionally to define the platform for the organization and champion the diversity initiative for the industry." In his position as chairman of the AMDC, Ruiz's goal will be to elevate the visibility of the Council's mission and to guide its leadership. "is is an industry-wide commitment that will have important and sustainable benefits for our members and mortgage professionals at large," said Ed Delgado, president and CEO of the Five Star Institute. "Mike's expertise and industry perspectives are invaluable and necessary as the incoming chairman, we are honored that he has accepted this position." Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 calls for several government agencies to establish an Office of Minority and Women Inclusion. U.S. Representative Maxine Waters, a proponent of the legislation, said its purpose is to "not only give oversight to diversity, but to help the Agencies understand how to do outreach [and] how to appeal to different communities." e legislation requires inclusion in all levels of business activities and applies to contracts of the agencies for services of any kind, such as from financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants, and providers of legal services. Agencies covered by Section 342 of Dodd-Frank are the 12 regional Federal Reserve Banks, the Consumer Financial Protection Bureau, the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Department of the Treasury. "A strong diversity program helps Freddie Mac's business and allows us to more effectively meet the needs of all the communities we serve," Freddie Mac CEO Donald H. Layton said in a statement. Government agencies are not the only entities on board with the diversity initiative, however. Many financial institutions, mortgage servicers, and law firms that serve the mortgage industry are already focused on instituting best practices when it comes to diversity and inclusion. "Because our customer base at Nationstar is a diverse one, we think it's important for our employees to reflect diversity, too," said Dana Dillard, EVP and Chief Customer Officer at Lewisville, Texas-based servicer Nationstar Mortgage. "So we have worked hard to create a diverse work force and are proud of the team we have put together. In terms of race, for example, our employee population is 53 percent non- Caucasian. From a generational perspective, 47 percent of our staff members are millennials, and as far as gender, 52 percent of our team members are women. We truly have a diverse workforce, and we all enjoy the benefits of working in such a culturally rich environment." Tami Rund, President of woman- owned Colorado-based Asset Valuation & Marketing, says, "New and innovative ideas help create industry growth, diversity within an industry broadens the idea pool fostering exciting and original concepts from people with a broad range of backgrounds and experiences. Exceptional leaders understand that every person, regardless of their race, religion or sexual orientation, has faced and overcome different challenges in their life, and offer unique strengths and talents. Exceptional companies find a way to unite and apply those strengths to accelerate their growth." 62

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