Foreclosure crisis hits #minorities harder. #africanamerican #hispanic #housing
(CNN Money) The mortgage meltdown is hitting the African-American and Latino communities harder than whites, a new study has found.
Of borrowers who took out mortgages between 2005 and 2008, some 8% of both African-American and Latino borrowers have lost their homes to foreclosure, compared to 4.5% of non-Hispanic whites, according to a study by the Center for Responsible Lending, released Friday.
The racial and ethnic disparities continued even after controlling for income differences. The center’s research shows that African-American and Latino borrowers were about 30% more likely to get higher-rate subprime loans than white borrowers with similiar risk characteristics.
Of the total pool of homeowners, 17% of Latinos have lost their homes to foreclosure or are at imminent risk of losing their homes, while 11% of African-Americans are in that position. By comparison, 7% of non-Hispanic whites have lost their homes or are about to.
Foreclosure crisis hits #minorities harder. #africanamerican #hispanic #housingTags: foreclosure, loan, mortgage, subprime
