MEDIA ALERT: Senator McCain’s Office to be Flooded by 100+

Realtors and Mortgage Brokers Opposing Oct 1 Ban on Downpayment

Phoenix, AZ — August 25, 2008

Opposition is growing against the October 1 ban on seller-funded downpayment assistance, which has been responsible for enabling more than 42,700 families in Arizona to become homeowners. To show their concern, at least 100 local realtors and mortgage specialists plan to descend upon Senator McCain’s Tempe office bringing non-perishable food items, such as boxes of macaroni and cheese, to demonstrate how borrowers will need to prepare low-cost meals at home to cut back on expenses and save money for a downpayment.

The ban was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008. Seller-funded downpayment assistance is the last remaining program available to help low-to-moderate income working American families become homeowners. The program has helped more than a million African American, Hispanic, female-headed and low-to-moderate income families over the last decade. The realtors and mortgage specialists support H.R. 6694, which was introduced by several members of Congress on July 31, 2008. If passed and signed into law, it will allow downpayment assistance to continue indefinitely.

Who: --American Mortgage Specialists and US Preferred Realty --Local families impacted by the pending ban
What: Inexpensive Food Items Will Be Dropped Off to Show Impact of Ban on Seller-Funded Downpayment Assistance on Local Families

Where: Senator John McCain’s Tempe Office

4703 South Lakeshore Drive, Suite 1, Tempe, AZ

When: Tuesday August 26, 2008

10:00 a.m.

St. Mary’s Food Bank Alliance will be on hand to collect the food for those in need.

RSVP Contact:

Emily Parker Sloane & Company eparker@sloanepr.com (212) 446-1889

Or

Andy Truitt American Mortgage Specialists, Inc. AndyTruitt@amsaz.com (480) 756-9922

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For additional information, please contact Shelley Mitchell, smitchell@nehemiahcorp.org, 916-231-1999.

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