Did racist lending practices set minorities up for foreclosure?
A new report from the Center for Responsible Lending finds that most people who lost their homes to foreclosure have been middle- to upper-class whites.
But Latino and African-American families have suffered a disproportionate share of the losses.
Among mortgages made between 2004 and 2008, 2.7 million or 6.4 percent ended in foreclosure, and 3.6 million, or 8.3 percent, remain at immediate, serious risk of going under.
Of homes lost to foreclosure during the period, 1.5 million belonged to whites, 635,000 to Latinos and 397,000 to African-Americans.
The report’s findings also reveal:
· African-Americans and Latinos across the credit-score spectrum were more likely to receive a high-cost mortgage with risky features.
· African-Americans and Latinos with good credit (a 660+ FICO score) received a high-cost loan more than three times as often as white borrowers.
· The foreclosure rate for low- and moderate-income African-Americans is about 80 percent higher than for comparable white households.
· Foreclosure rates for higher-income Latinos is more than three times that of higher-income whites.
What do you think? Were minorities set up for foreclosure?
Bus Shelters Tranformed into Foreclosed Homes in Boston #occupy bostonActivists transform Boston bus shelters into foreclosed homes in lead-up to MASS ACTION against BoA Published Sep 29 2011, 04:11 PM by Chris Faraone 1
As chronicled in today’s Boston Phoenix, the organizers at MassUniting - along with activists from a number of other groups - have been ramping up their artful and aggressive actions in the lead-up to tomorrow’s BIG RALLY (which starts at 2pm at the Boston Common gazebo/bandstand).
What wasn’t mentioned in that article, but that went down this morning, are the kickass visuals that local artists have contributed to bring this message to the streets. To raise awareness about the havoc that Bank of America has wreaked on Greater Boston families, today they outfitted bus shelters across the Hub like abandoned homes (locations below).
Concerned citizens launched a city-wide “art attack” in Boston today, converting a host of bus shelters into Bank of America foreclosures to showcase the devastating results of the financial giant’s predatory practices. Life-size images of boarded houses, squatter occupied bedrooms and empty nurseries now dot high-traffic areas from Hyde Park to Revere – including many of the communities hardest hit by foreclosure and eviction. Each installation includes a large realty sign reading “This foreclosure brought to you by Bank of America.”
Brookline – Intersection of Brookline and Longwood
Cambridge – Massachusetts Ave at Dawes Island
Chelsea – Chelsea City Hall
Dorchester – Outside of JFK/UMASS T Station
Financial District – Intersection of Court, State and Washington (near Citizens Bank)
Franklin Park Zoo – Intersection of Columbia and Blue Hill
Hyde Park – Cleary Square (Opposite police station)
Revere – Revere City Hall
Medford – Medford Senior Center
Mission Hill – Huntington Ave & Parker Hill
Roxbury – Intersection of Tremont, Malcolm X and Columbus
South Boston – Intersection of E. Concord and Albany
Waterfront/South Boston – Outside of South Station
Filed Under: Bank of America, Occupy Boston, Occupy Wall Street, #OccupyBoston, #OccupyWallStreet