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Homeowner crisis.(CHECK THE COLOR LINE)
The subprime mortgage lending crisis has been particularly devastating for people of color, who are three times more likely than whites to have a subprime loan. But just how much are we actually losing? According to United for a Fair Economy's report "Foreclosed: State of the Dream 2008," we're facing the greatest loss of wealth from communities of color in modern history because, for many of us, our assets are concentrated in the one place that's now vulnerable: our homes.
[ILLUSTRATION OMITTED]
THE NUMBERS
$164-$213 billion
Estimated loss of wealth due to subprime loans for people of color.
2445
The year Blacks and whites will have--on average per person--equal incomes.
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- Press release article from: PR Newswire September 17, 2007 700+ words
...metro areas lead the nation in high-cost loans, which have become a troubling and persisting...highest in the country in total high-cost loans in 2006. Two California metro areas...Tampa metro areas. New data on high-cost loans was released Wednesday by the Federal...
- Minorities more likely to have high-cost loans.
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...a home last year ended up with high-cost loans, according to the ACORN Group, also...almost double blacks' share of high-cost loans in 2003 and 31 percent more than Hispanic...with a 15.8 percent share of high-cost loans in 2004, compared with 6.9 percent...
- Racial Disparities in Mortgage Lending Grew Worse in 2005 at Largest Banks,...
- News wire article from: AScribe Business & Economics News Service April 10, 2006 700+ words
...confined African Americans to higher-cost loans above this rate spread over seven times...African Americans were confined to higher cost loans over the rate spread 3.34 times more...African Americans were confined to higher cost loans over the rate spread, versus only 11...
- S&P Says Cap Markets Steering Clear of High Cost Loans.(Standard & Poor)
- Magazine article from: Origination News Harmon, Jennifer March 1, 2005 700+ words
...statutes have had on the funding of high-cost loans through the capital markets and found...758 billion rated in 2004 were high-cost loans, Standard & Poor's said it is...The big thing is the incident of high-cost loans were very small, the majority of which...
- S&P Says Cap Markets Steering Clear of High Cost Loans.
- News wire article from: Mortgage Line Harmon, Jennifer April 7, 2005 700+ words
...statutes have had on the funding of high-cost loans through the capital markets and found...758 billion rated in 2004 were high-cost loans, Standard & Poor's said it is...The big thing is the incident of high-cost loans were very small, the majority of which...
- Upstart DBRS tackles high-cost loans in MBS.(Dominion Bond Rating Service...
- Newspaper article from: Asset Securitization Report Sibayan, Karen August 2, 2004 700+ words
...included in the deal. If there are high-cost loans included in the pool, the issuer is...unlimited assignee liability for high-cost loans, the rating agency will not rate a transaction...potential liability for owning high-cost loans, thus not limiting the perspective to...
- New Jersey Blasts Exemption of Thrifts from Law Targeting High-Cost Loans.
- Newspaper article from: Knight Ridder/Tribune Business News August 26, 2003 700+ words
...own finance companies that do make high-cost loans. The New Jersey law defines "high cost...violators -- would virtually eliminate high-cost loans. New Jersey defines high-cost loans as having either an interest rate that is...
- Predatory Lending In The Big Apple: Citigroup Violates Commitments And Confines...
- News wire article from: AScribe Business & Economics News Service April 25, 2005 700+ words
...disproportionately confine people of color to higher cost loans in their headquarters city, the first...record also includes over 800 super-high cost loans of a type it said it stopped in 2003...confining people of color to higher-cost loans," said Matthew Lee, general counsel...