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Foreclosure Victims at Risk of Losing Out the Vote?(Managing REO)
Byline: Amilda Dymi
Washington-The forthcoming presidential election entails an economic and social connection between foreclosures and the vote, which most do not see as the "In what physical ballot will these people vote?" problem.
Social activists, however, are concerned those who are losing their homes, especially minorities and lower-income borrowers could be losing their vote as well.
According to NoVoterLeftBehind.net the predominantly African-American, Latino and low-income whites undergoing the pain of home foreclosure should watch out and ensure they do not lose the ability to vote in times of crisis. NVLB is urging Americans affected by the mortgage foreclosure crisis to learn their rights before Election Day. Center for Responsible Lending data show that one out of five subprime loans issued during 2005-2006 will fail so a total of 2.2 million home borrowers may have or will face foreclosure.
Attacks on voting rights based on mortgage foreclosure status are seen as a real concern especailly by Democrats since subprime loans were made far more frequently to African-Americans, Latinos and poor whites than to affluent whites. While legitimate, their concern about the minority vote in fact crosses party lines.
According to ComplianceTech, Arlington, Va., contrary to popular belief that subprime loans were mainly associated with minority and low-income borrowers, even though a disproportionate share of loans made to those borrowers were subprime-rate loans, "the majority of subprime-rate loans were made to non-Hispanic whites and upper-income borrowers." It found the majority of subprime-rate loans originated in 2006 were made to non-Hispanic whites and upper-income borrowers who received conventional and first-lien loans on one-to-four family, owner-occupied properties, both to purchase and refinance.
Analysis of data submitted by lenders under the Home Mortgage Disclosure Act show that of the 1,917,809 subprime-rate loans originated in 2006, non-Hispanic whites received 70.82% of ...
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Source: HighBeam Research, Foreclosure Victims at Risk of Losing Out the Vote?(Managing REO)