African Americans & Latinos Twice as Likely to Foreclosure as Whites

The Center for Responsible Lending released a study today that documents a trend in American foreclosures that is startling, yet not surprising. The study, “Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures,” co-authored with the Center for Community Capital at the University of North Carolina, Chapel Hill, presents data in support of the claim that African Americans and Latinos are “more than twice as likely to lose their home as white households.” Beyond that, the study suggests that the foreclosure crisis isn’t even close to being over.

This latest report builds on previous studies by the CRL in the area of ethnicity and foreclosure. In 2006, they published, “Losing Ground: Foreclosures in the Subprime Market and Their Cost to Homeowners,” which predicted the sub-prime housing crisis before it hit, outlining the potentially disproportionate impact it would have on African American and Latino homeowners given the fact that a higher than average number of subprime loans are made in these communities. In 2010, the CRL further zeroed in on the subject with the report, “Foreclosures by Race and Ethnicity: the Demographics of Crisis.” It estimated that “17% of Latino homeowners, 11% of African-American homeowners, and 7% of non-Hispanic white homeowners already have lost or are at imminent risk of losing their home.”

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One Response to African Americans & Latinos Twice as Likely to Foreclosure as Whites

  1. Rosie November 26, 2011 at 2:38 am

    If you are facing foreclosure contact Project Hope for mortgage assistance. They interview you, take information, complete a report and based on information you give, they will recommend mortgage modification and send the report to your mortgage company. This gets the government involved and puts pressure on your mortgage company. Also, contact a mortgage mediation service in your county, most offer this service for free. If you live in Fllorida, contact Floridahardest hit.com. About two (2) billion dollars was given to the state of Florida to assist in helping peo0ple facing foreclosure due to financial crisis. Some of this helped me, hope it helps someone, try it, it is free help. You may also set up your mortgage company so that you can successfully sue them and recover. There are many “Bad” mortgages out there.

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