Subprime meltdown deals a blow to people of color
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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.
