Posted on 11/16/2009 8:46:50 PM PST by Steelfish
Report: Foreclosure Crisis Hits Blacks, Latinos
ASSOCIATED PRESS November 16, 2009
NEW YORK (AP) -- Black and Latinos are at a disproportionate risk in the ongoing foreclosure crisis because they are more likely than whites to have higher-cost mortgage loans and face higher unemployment rates, a report says.
The report from the William C. Velasquez Institute called on the federal government to take steps, including reforming bankruptcy laws and expanding eligibility for mortgage modification efforts, to help combat the crisis.
''If nothing is done then the foreclosures will continue disproportionately hitting blacks and Latinos,'' said UCLA professor Raul Hinojosa the author of the study.
Hinojosa was in New York City on Monday to talk about the report that was officially released last week. He said continued foreclosures could wipe out billions of dollars in home equity wealth amassed in those communities, and even those black and Latino homeowners who kept their homes would be affected by lower property values in foreclosure-riddled neighborhoods.
''Not only are you wiping out this generation of black and Latino families,'' he said, ''but those neighborhoods go into serious decline.''
Jose Calderon, vice president of programs and policy for the Hispanic Federation, which took part in the Monday event, said the foreclosures carried a far-reaching impact.
''The social cohesion of our communities is being destroyed,'' he said.
Unemployment is now the primary force behind foreclosures. Borrowers are struggling with no income and lenders are having a harder time reworking troubled loans.
Blacks and Latinos suffer in comparison to whites both in unemployment rates and having loans with higher interest rates.
The nationwide unemployment rate is 10.2 percent. For blacks, it's 15.7 percent and for Latinos, 13.1 percent.
(Excerpt) Read more at nytimes.com ...
Maybe the Community Re-investment Act of 1978 wasn’t the best idea ever hatched. I hear chickens tend to come home to roost.
Pollocks? We’re Eastern European Americans, damnit!
You’re misreading the article...
It’s a green light—tacit approval for members of those two groups to go out and “get theirs” by any means necessary.....
You mean the lefties and Dems over at the FHA , FANNIE MAE< FREDDIE MAC AND THE LOCAL DEM BANKS conspired to traduce and defraud their own people?
And whats more they are STILL traducing them!
He , stupid of them too sign up. And now they want bail?
I don't want to pay for it out of my pocket.
I get confused on this whole race thing. I can’t remember exactly when it is OK for race to matter? I thought that race was just a social construct?
I said this would happen a year ago, and we’re not done yet. Just wait a few more months. Crime will skyrocket once people get desperate.
Its effing GENOCIDE , I TELL YOU!(sarc.) Just make the banks eat the mortgage and re issue it according to affordable terms? What else can be done, vacate the homes, no one will buy them.
Hey, guys, how is the hopey changey thing doing for you now? Are you getting that free health care you expected? Did you get that raise you demanded? What’s that? You have to be kidding. You mean to tell me you are out of a job and things aren’t going so well? I guess it’s Bush’s fault isn’t it.
Agreed. Many cities will not be safe to live in.
Over the last few generations, African-American have been the most loyal constituency of the
Democratic Party. At the same time, African-Americans communities have been destroyed with crime, broken families, unemployment, escalating dropout rates and immorality. Its no coincidence that in these communities you will find Democrats repeatedly elected with super-majorities.
Andre Harper, a former Democrat, exposes how he rejected the dominant political thought process that has crippled the black community. He outlines how many of today’s political elite have gained control of the American political system by exploiting African-Americans and the so-called poor.
Harper explains how the same oppressive tactics used by politicians like Andrew Jackson, Franklin D. Roosevelt, Lyndon Johnson are still being used today by those who masquerade as “progressives”. Harper gives first hand accounts of how he overcame poverty and realized the American Dream which he believes is available to all Americans.
Harper empowers Americans to reach their potential by emancipating from an environment that is dependent on maintaining a permanent underclass. Political Emancipation is a must read for anyone who wants a glimpse into the real African-American experience through the mind of a black man that has defied liberal indoctrination and is able to articulate and masterfully exposes its fallacies.
(just heard this guy on the radio and was very impressed)
Pollock: noun...an edible greenish-brown fish of the cod family. I think they are all employed being fish.
They voted for the disaster Obama. They should go first.
Chris Dodd. Bawney Fwank. Jimmy Carter. Bubba Clinton.
Those are the people who brought us to this point.
It’s all thanks to hope and change.
My daughter will only admit to being Polish, I keep reminding her she’s also part Irish....She never listen to me and my granddaughter (her daughter) wears a 14 K Polish Eagle on a gold chain around her neck...(Use to belong to hubby) I’ll have to tell them they are Eastern European Americans dammit, but still part Irish...:O)
LOL blame Free Republic spell check, thats as close as I could get...(still laughing)
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