Mortgage Crisis Hurts Black, Latino Economic Progress
Posted on 23 June 2008 by nuestrav
Not only has the nation’s slumping economy hit black workers and Latino workers hard, the mortgage crisis has had a disproportionate impact on them as well. In fact, some experts fear the mortgage crisis could undo a huge portion of the wealth built up by the growing African American and Latino middle classes.
The Joint Center for Political and Economic Studies reports that the rate of subprime mortgages for Latinos and African Americans is about double the rate for whites. In 2006, subprimes made up one in four mortgages (26 percent) made to whites, 47 percent of those to Latinos and 53 percent of mortgages that went to African Americans.
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