As we spend this month celebrating the achievements of African Americans, I’m saddened by a report that concludes that the subprime mortgage crisis has caused the largest loss of wealth for black and Latino homeowners in modern U.S. history.

The erosion of wealth is staggering.

Subprime borrowers of color will lose between $164 billion and $213 billion for loans taken in the past eight years, according to United for a Fair Economy, a nonprofit, nonpartisan organization. For the past five years, the group has examined the racial wealth divide in this country.

Full story…