Report: Minorities most affected by mortgage crisis
In the past eight years, U.S. mortgage companies targeted African Americans, Latinos and low-income people as the "best candidates" for subprime home loans, according to a new report from United For A Fair Economy.
The report, released today, says that subprime mortgages, home loans issued to Americans with questionable finances, were "ruthlessly hawked" and that a "solid majority of subprime loan recipients were people of color."
Hundreds of thousands of families lost their homes to foreclosure last year after failing to keep up with mortgage payments, a hefty chunk of which were subprime loans.
Our guest was Amaad Rivera, leader of UFE's Racial Wealth Divide team, who spoke about the UFE report being released today: "Foreclosed: State of the Dream 2008."
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