Exclusive Entrevista: Russell Simmons Helps Latinos 'Get Their House Right'

Despite the bad rap (no pun intended) hip hop gets; you can always count on Russell Simmons to use it as a force for positive social change. The entrepreneur, who is very politically active in this election season (he made it abundantly clear at the VMAs with his pro-Obama statements), never shies away from speaking on the issues.

In between his VMA cameo, and a recent showing at NYC Fashion Week for his collection Argyleculture, the multitasking mogul held a press conference to introduce "Get Your House Right," a program intended to alleviate the mortgage crisis, in particular for minorities. The movement stems from Russell's pro-social Hip-Hop Summit Action Network and relates to his “Get Your Money Right” initiative, where artists and experts unite to educate youth on financial literacy.

The Center for Responsible Lending reports that home foreclosures soared nationally by 75 percent in 2007 and the trend is continuing today. If this keeps up it is projected that Latinos alone will stand to lose $98 billion. With some help from hip hop, mortgage experts and lenders, Russell hopes to help the cause. Here's what he and the authorities behind "Get Your House Right" had to say:

Why did you feel the need to take on the housing crisis issue?

Russell: This is a natural extension for us [Hip-Hop Summit Action Network]. The mortgage crisis is something we're all faced with. We use hip hop summit, its artists and their access to serve the group that needs us most. We feel that at this time this community [youth 18-35] needs us most, our community needs us, and that's why we are here.

How does the housing crisis impact Latinos?

Mr. Sandos, CEO of The National Association of Hispanic Real Estate Professionals: 65 billion dollars in new homes was spent last year, 80 percent of that was to first time Latino home buyers. Home ownership is the cornerstone of American Wealth; it’s how we obtain equality in this nation...America needs people of color now! With the current foreclosure environment, there's a lot of inventory out there, house prices are lower, and people can access them. The only people out there that are prepared to buy that inventory are people of color.

Why have minorities been so affected by the housing crisis?

Russell: There's an ongoing process of discrimination and whole communities that are left behind. So it just seems right that we serve this community and they serve everyone else. Generally only forty-nine percent of Latinos who can afford to own a home, own one. Forty-eight percent of African Americans who can afford to own a home, own one. We come from a culture of not having. We need to help people understand that hip hop is corporate America. We need to change the face, change the mind set of the consumers, and to get corporate America involved in being responsible for educating this community.

Mr. Sandos: We [Latinos] have among other things everything you just heard now but also language barriers. Certainly a large percentage of our population is people who have come from a different country of origin. Latinos can get more proactive by participating in programs like “Get Your Money Right” and “Get Your House Right.”

Valeisha Butterfield, spokeswoman for 'Get Your House Right': Our community partners are not only African American but Latino American and Asian American. All of our educational materials are bilingual and we have translators on-site if needed. It's really a diverse effort.

Why do you think it is so important for the hip hop community to be involved?

Russell: If you name any rapper that has been here for a minute or so, like a Puffy or a Jay-Z, or 50 Cent, Eminem, Ludacris – I can tell you the name of their foundation. The kids that follow them can tell you too...In their videos they may have a big car but when they talk about their financial position and when they educate on the subject they talk about the struggles they’ve had and what they’ve learned. And then they couple that with the experts that join us to reach kids 18-35 that grew up on hip hop. Hip hop is also diverse. It transcends race.

Photo via Getty Images

Tags "Get Your Money Right", 50 Cent, Barack Obama, Center for Responsible Lending, Diddy, Eminem, Get Your House Right, Hip Hop Summit Action Network, Jay Z, Ludacris, National Association of Hispanic Real Estate Profession, Puffy, Russell Simmons