Report: Subprime Mortgage Crisis Causing African-Americans to Experience Greatest Loss of Wealth in Modern U.S. History
A startling new report has predicted the subprime mortgage crisis will cause people of color to lose up to two hundred thirteen billion dollars leading to the greatest loss of wealth in modern U.S. history. The figure appears in a new report from United For a Fair Economy called “Foreclosed: The State of the Dream 2008.” The group accuses mortgage lenders of deliberately targeting the poor and people of color with high-cost loans. We speak with Dedrick Muhammad, co-author of the report.
A startling new report has predicted the subprime mortgage crisis will cause people of color to lose up to two hundred thirteen billion dollars leading to the greatest loss of wealth in modern U.S. history.
The figure appears in a new report from United For a Fair Economy called “Foreclosed: The State of the Dream 2008.” The group accuses mortgage lenders of deliberately targeting the poor and people of color with high-cost loans.
According to federal data, people of color are more than three times more likely to have subprime loans. High-cost loans account for 55% of loans to Blacks, but only 17% of loans to Whites.
Dedrick Muhammad is co-author of the report. He is a Senior Organizer and Research Associate at the Institute for Policy Studies. He is the former coordinator of the Racial Wealth Gap project at United for a Fair Economy. He joins us from Washington DC.
Dedrick Muhammad, Senior Organizer and Research Associate at the Institute for Policy Studies. He is the former coordinator of the Racial Wealth Gap project at United for a Fair Economy. He is co-author of new report “State of The Dream 2008.”
And I hope all the candidates will take issue on this...
2 comments:
http://www.mindbox.com/NewsEvents/PressReleases/01DEC2003.pdf
"A group of 40 of the world's largest banks lent Countrywide Financial Corp. ... $11.5 billion this week under credit agreements .. committed to as far back as 2006 .. may help relieve credit market squeeze on the nation's largest provider of home mortgages. But .. tough time for banks involved, [including Rockefeller's J.P. Morgan Chase and John Deutch's Citigroup] .. banks couldn't back out of the loans, as long as Countrywide complied with all conditions of agreements [by using MindBox rules manipulated by Desmarais' agents at Macdonald Dettwiler and Associates].. Banks .. made loans to mortgage originators .. hold mortgage-related securities on their balance sheet .. lent money to hedge funds that trade mortgage securities .. also committed to finance big leveraged buyouts .. a few banks left holding so-called hung loans."
http://www.marketwatch.com/tools/quotes/profile.asp?symb=JPM
http://www.hawkscafe.com/102.html
MINDBOX TV COMMERCIALS CEASED ON SEPT 11 AFTER PLAYING MONTHS BEFORE
Post a Comment