Among the report’s findings:
- An estimated 2.5 million foreclosures were completed from 2007 – 2009 and an estimated 5.7 additional ones are imminent. (Independent estimates have suggested that up to 13 million homes will be lost through 2014.)
- On completed foreclosures, most on mortgages made between 2005 and 2008, we estimate that 56% involved a white family. But African American and Hispanic families have received a disproportionate share, even when accounting for income: Nearly 8% of both groups have already lost a home, compared to 4.5% of white borrowers.
- The great majority of homes lost were owner occupied, as are those at imminent risk of being lost.
via Demographics of a Man-Made Disaster.
Filed under: Action Alert!, activism, economy, media, News, politics, reform, US Politics Tagged: | African-American, bank, foreclosure, Latino, predatory lending, Race, white
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