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The Hip-Hop Summit Action Network is joining forces with leaders in the home financing industry to examine the recent mortgage crisis and offer resources to those most likely to be affected.

HSAN co-founders Russell Simmons and Dr. Benjamin Chavis are set to meet with representatives from the Genworth Financial, the National Association of Real Estate Brokers, the National Association of Hispanic Real Estate Professionals to devise a new initiative that will work hand-in-hand with the HSAN Home Ownership Advisory Council.

The program will first seek to attack the continuing record-breaking foreclosures around the country, which, according to the Center for Responsible Lending, soared 75 percent in 2007, costing African Americans more than $92 billion.

Economic forecasters say that if the foreclosure trends do not slow down, African Americans and Latinos across the country could lose more than $200 billion.

The HSAN will also use this initiative to create ways to increase home ownership opportunities for young Americans.

In related news, New York-based auction house Phillips de Pury and Company is set to host a historic charity auction on October 1, to benefit the HSAN along with two more Rush Community Affairs organizations: the Rush Philanthropic Arts Foundation and the Diamond Empowerment Fund.

The “Hip Hop’s Crown Jewels” auction will feature a selection of 70 jewelry pieces worn by some of the biggest names in History.

The collection was assembled by specialist Alia Varsano and Minya Oh, who penned the 2005 coffee table book Bling Bling: Hip-Hop’s Crown Jewels.

Included are Biz Markie’s Diamond Headphones Pendant, MC Lyte’s Nefertiti Ring and Necklace, Slick Rick’s Multicolor Diamond Eye Patch, Tupac Shakur’s Diamond and Ruby Crown Ring, Biggie Small’s Unique Wristwatch, and Lil’ Jon’s Guinnes World Record Diamond “Crunk Ain’t Dead” pendant.

Also contributing to the collection are 50 Cent, Alicia Keys, Birdman, Busta Rhymes, Cam’ron, Dame Dash, Diddy, Eminem, Gnarls Barkley, Jay-Z, LL Cool J, Mary J. Blige, Missy Elliott, Nas, Pharell Williams, and Swizz Beatz, to name a few.

The Hip Hop’s Crown Jewels collections will be on display in an exhibition open to the public September 22 – 30, from 10am-6pm at Phillips de Pury & Company, located at 450 West 15th Street in New York City.

The auction is set for October 1.