Subprime meltdown deals a blow to people of color
June 21, 2008
Written by kenyanobserver, in AROUND THE US
Report cites largest drop of wealth in history for people of color in the US as caused by recent sub-prime lending fiasco
The single largest drop of wealth for people of color in the United States occurred in the last 8 years as the mortgage meltdown unfolded. This is according to a report published in January of this year titled, Foreclosed: State of the Dream 2008, non-profit, United for a Fair Economy.The research estimates that people of color lost USD $164-$213 billion dollars as a result of sub-prime loans taken sometime within the last 8 years. It also states that a black or Latino homeowner is three times more likely to have a sub-prime loan than a white homeowner.To read more startling revelations of what is sometimes referred to as red-lining, download the full report here.
Related posts:
- America's right wing radio…a phenomenon you should not ignore If you live in the United States, you more than...
- America’s right wing radio…a phenomenon you should not ignore If you live in the United States, you more than...
- Harrassment of Africans increased following comment by former Australian immigration chief – report A report by the government of Australia links an uptick...
Related posts brought to you by Yet Another Related Posts Plugin.