October 25, 2016
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Launch of Florida First "Community Based" Mortgage Company


FMCRC Launch of Florida First "Community Based" Mortgage Company



American Liberty Funding

Housing & Education Alliance

Sylvia Alvarez

(813) 966-1515



Al Pina


(941) 284-0699




FMCRC Partnership Launches Florida's First Community Based Mortgage Company-Wholly Owned by Non Profit


American Liberty Funding:  www.alf.cc


-Partnership promotes Rebuilding Trust in banks and home financing with Florida low and moderate income families


-Partnership promotes Building of Self Sufficiency and Capacity in Florida minority non profits that are critical to rebuilding minority low and moderate income communities



(TampaFL)  In the spirit of finding solutions to rebuild Florida'seconomic future, the Florida Minority Community Reinvestment Coalition (FMCRC) launches partnership that creates Florida's first statewide “Community Based” Mortgage Company-American Liberty Funding (ALF).  American Liberty Funding, wholly owned by a non-profit, will target Florida minority low and moderate income families for home ownership using financial products that are sound and suited towards the economic conditions of the families.


States FMCRC Chair Al Pina “The current economic crisis was a result of predatory subprime home lending practices that targeted financially illiterate low and moderate income families.  Subprime lending is a needed financial solution as long as it leads to general market loan rates.  In that there were many levels of guilt that can be spread around on this issue; the corporate entity that could have stopped this economic tragedy was the mortgage brokers of America.  They were on the front lines and had direct contact with these families.  Instead of focusing on providing a family a financial product that was safe, there priority was profit, even at the detriments to the millions of families.  Where are they now to help those families who are having their homes foreclosed as a result of their guidance?  It was obvious that we needed to build a new hybrid financial brokerage entity that can be trusted and replicated through out Florida


American Liberty Funding is a partnership between FMCRC and Housing and EducationAlliance (HEA) that will provide families not only sound home lending financial products, but also financial literacy training and home foreclosure prevention.  States HEA President Sylvia Alvarez “We are very pleased at following the leadership of FMCRC that will result in the development of community revitalization models and solutions that can help other communities.  One of these vital solutions is financial literacy and foreclosure prevention.  We feel an ounce of prevention is worth a pound of cure.  We will require all individuals whom apply for a home loan to complete a HUD certified financial literacy training program.  This training will provide critical financial educational components that will help the entire family on financial matters.  In addition, American Liberty Funding will continue to have communication with the family post home loan approval.  Rebuilding communities is about building assets for the families and this is a process that takes time and guidance beyond when they move into their new home.”


The American Liberty Funding partnership is a component of the FMCRC Assets & Hope Initiative that will be formally launched in October as a result of partnerships with WellsFargo, Bank of America, Chase and Citi.  Assets & Hope will be the largest minority non profit self sufficiency-capacity building program in Florida's history. 


Minorities account for over 40% of Florida's population but less than 5% of the Gross Domestic Product (GDP).  The key to rebuilding Florida's economic future is to adequately invest into Florida key consumers-Minorities.  Florida minority organizations are key to achieve this.  Assets & Hope is based on the premise that minorities play the most critical role in fighting poverty.  This point made national news with the editorial by Rick Cohen (Philanthropy Journal) Nonprofits Are Key to Fighting Poverty (click here for report).

Assets & Hope will utilize a For Profit model that was replicated from the nations most successful and prolific minority non profit (TELACU).  The American Liberty Funding (For Profit entity owned by non profit) partnership is centered on this model that will create income streams for the non profit that will enable it to increase it services throughout Florida.  With the decrease of operational funding sources for non profits, it is critical forFlorida non profits to engage a free enterprise model that will provide a service/product for the community it serves that also creates income streams that lead to self sufficiency.  This point is made clear in a study by Yale School of Management Program on Social Enterprise (click her for study).

New 2009 Foreclosure Data (January to June):    

Six of top U.S. 15 cities with foreclosures are in Florida
Ft. Myers/Cape Coral #2 in Nation    

FMCRC Opens Ft. Myers Office
(information below)

 Las Vegas, Fort Myers, Florida Lead U.S. Cities in Foreclosures 

By Brian Louis

July 30 (Bloomberg) -- Las Vegas and Cape Coral-Fort Myers, Florida led U.S. metropolitan areas in foreclosures in the first half of the year as unemployment and falling home prices forced home-loan defaults, RealtyTrac Inc. said.

The Las Vegas area had the highest rate of foreclosure filings, with 7.5 percent of households receiving a default or auction notice or being seized by a lender. That rate was six times the national average. The Cape Coral-Fort Myers region, on Florida’s Gulf Coast, was second, with a rate of 7.2 percent.

“Foreclosure activity continued its upward trajectory nationwide and in the majority of metro areas in the first half of the year,” James Saccacio, chief executive officer of RealtyTrac, said in a statement. “While some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates, new markets like Provo, Utah, and Boise, Idaho, have seen large increases.”

Home prices in 20 major U.S. metropolitan areas dropped 17.1 percent in May from a year earlier, according to the S&P/Case-Shiller index. Nationwide, home prices have fallen 21 percent since peaking in July of 2006, according to the National Association of Realtors in Chicago. The U.S. unemployment rate rose to 9.5 percent in June, the highest in almost 26 years, the U.S. Labor Department said on July 2.

That brought the total number of lost jobs to about 6.5 million since the recession started in December 2007, the Labor Department said.

1.5 Million Properties

U.S. foreclosure filings rose to a record in the first half as job losses and slumping home prices fueled an increase in defaults, RealtyTrac said in a July 16 report. More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June. That’s a 15 percent increase from the year earlier.

Six of the nation’s top 10 metro areas for foreclosure rates were in California, according to RealtyTrac. Merced was the highest in California and third in the nation with a 6.9 percent rate of foreclosure filings. California’s unemployment rate was 11.6 percent in June, according to the Bureau of Labor Statistics.

The California metro areas of Riverside-San Bernardino- Ontario, Stockton, Modesto, Bakersfield, and Vallego-Fairfield were fourth through eighth on the list that included 203 U.S. metro areas.

The Phoenix region was ninth and Orlando-Kissimmee, Florida, was 10th, according to RealtyTrac. Florida’s unemployment rate was 10.6 percent in June, according to the Bureau of Labor Statistics.

California, Florida

California had 12 areas in the top 25 with the highest rates and Florida had 10, according to Irvine, California-based RealtyTrac, a seller of default data.

The foreclosure data comes as reports on new and existing- home sales raise the prospect that the housing market may be approaching a bottom. The S&P/Case-Shiller home price index rose 0.5 percent in May from the prior month, the first monthly gain since July 2006.

New home sales rose 11 percent in June, the biggest increase in eight years as homebuilders reduced prices, the Commerce Department said on July 27. The median price fell 12 percent to $206,200 from a year earlier.

Sales of existing homes rose for a third consecutive month in June, the National Association of Realtors said July 23.

Home resales climbed 3.6 percent to an annual rate of 4.89 million, stronger than forecast and the highest level since October, according to the National Association of Realtors. Median prices fell 15 percent from a year earlier to $181,800.

FMCRC and Housing and Education Alliance will collaborate in Ft. Myers to address foreclosure issues and solutions in Ft. Myers.  FMCRC-HEA will work with community, banks and government agencies to identify solutions with Foreclosures.
For Further Information Contact:
Susan Lewis
(941) 284-0688


FMCRC Mission Statement

Our goal is to empower low-income and minority communities by attracting investments for health, education, homeownership, employment, and minority entrepreneurship using a holistic advocacy approach.

The Coalition's (70+ minority organizations)  strategy entails six central programs and projects for Florida's minority communities, families and organizations:

  1. Access and opportunity for home and business ownership
  2. Community Reinvestment Policy
  3. Sustainable development
  4. Capacity Building
  5. Consumer protection
  6. Financial and home ownership literacy education


Join us today!



Please direct all questions, concerns, comments, and media inquiries to:

Email:    Susan Lewis 

 (941) 284-0688

Civil Rights and legal issues or comments to:
Reginald J. Clyne
Clyne & Self, P.A./Civil Rights Attorney
Douglas Centre-Suite 1100
2600 Douglas Rd, Coral Gables Florida  33134


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