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American Dream Foreclosed

Page history last edited by Faye Anderson 14 years, 11 months ago

African Americans disproportionately rely on subprime loans, which are made to borrowers who do not qualify for a traditional mortgage due to their weak or limited credit histories. Subprime lenders offer low-interest “teaser” rates that reset to a higher adjustable mortgage rate.

According to a report by United for a Fair Economy, the subprime mortgage meltdown has turned the American Dream of homeownership into a nightmare. The subprime meltdown has caused the greatest of wealth to minorities in U.S. history, and has led to a net loss in African American homeownership.

The Center for Responsible Lending estimates there are 6,600 new foreclosures a day, one every 13 second. In 2009, foreclosures are projected to reach 2.4 million nationwide.

The foreclosure crisis is more than a family crisis. The increase in foreclosures depresses property values, and local and state revenues. African American communities are particularly vulnerable given the concentration of subprime mortgages.

News Releases

NAACP Files Landmark Lawsuit Today Against Wells Fargo and HSBC

Publications

Through Boom and Bust: Minorities, Immigrants and Homeownership

Pew Hispanic Center (May 12, 2009)

Nearly 1 in 5 Owe More Than Homes Are Worth

Time (March 4, 2009)

2008: Housing and Economic Survey: A Micro-Business Perspective

National Association for the Self-Employed (December 2008)

New Foreclosures by State for 2009

Center for Responsible Lending (February 2009)

Special Report