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Housing Push for Hispanics Spawns Wave of Foreclosures
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As the graph vivdly shows in 2005 and 2006 there is surge in subprime lending to Hispanics and blacks, with almost as many subprime loans to Hispanics and Black people as to whites. It slows down in 2007 by which time foreclosures were starting to take shape. WaMu, Countrywide, Ameriquest and other lenders who pushed subprime lending were backers of an initiative called Hogar which worked to spread lending to redline areas, in what an organization for responsible housing lending calls reverse redlining- in which high cost loans were pushed on those least able to sustain payments for a long time. Previously these areas did not get much lending because of the lack of good credit history.
Hogar initiative at banks for subprime lending leading to the housing crisis- high cost lending in redline areas least able to make payments
01/05/2009
Hispanics and blacks caught up in the subprime lending abuses leading to foreclosures.
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Housing Push for Hispanics Spawns Wave of Foreclosures
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The effort to cleanup 1.3 million delinquent loans, a large part of which came with the acquisition of Countrywide Financial in 2008. Countrywide led by Mozilo is said to be one of the largest firms behind the mortgage mess.
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The cost would be an estimated $350 billion to cancel some of the mortgage debt of homeowners. Feldstein says this is a necessary step to revive the U.S economy. Letting the forest fire of foreclosures burn itself out would damage the U.S. economy further. Feldstein says this is not an option.
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HUD Sec. Shaun Donovan calls the subprime lending a scourge for minorities, as foreclosures are hitting the minority neighborhoods the hardest. It may even widen the disparity in incomes between minorities and whites as the middle class black homeowners in places like New York State are losing ground.
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Hispanics and blacks counted housing equity as a much bigger part of their assets than whites. The recession and financial crisis of 2008 wiped out fully two thirds of the median net worth of Hispanic families and one half for Black families, with both groups having close to $6000 in total median net worth in 2010, according to data from Pew surveys.The recession has proved to be severe in its impact on minorities, and the election of a black president has done little to improve things- especially considering the dismal record of the Obama administration in helping prevent foreclosures.
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Countrywide is now a unit of Bank of America. Countrywide became known for questionable practices in the mortgage lending business. Countrywide turns out to be a failed and dangerous acquisition for Bank of America.
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Housing Push for Hispanics Spawns Wave of Foreclosures
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Foreclosures in the U.S., the homeless and poverty.
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About 10% nationwide and 15% in the midwest of people who are at homeless shelters are there because of foreclosures according to social service agencies.
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Negative equity and near zero down payments as the major causes of U.S. foreclosures and the housing crisis, more than subprime loans.
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Research showing that negative equity and zero down payments are the biggest cause for surge in U.S. foreclosures.
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J.P. Morgan Loosens Terms for Jumbo Mortgages
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New Evidence on the Foreclosure Crisis
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One in Four Borrowers Is Under Water
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A shortsighted approach to a solution for oreclosures that is the root of the problem
01/05/2009
A lot of the discussion gets stuck somewhere depending on whose blinkers you put on, when the issue of who started the forest fire in the economy that foreclosures have become. This prevents a rational solution, and the taking of clear decisive steps to fix it before its too late.
Linked Articles
Wall Street Journal 03/02/2009
Housing Push for Hispanics Spawns Wave of Foreclosures
Wall Street Journal 01/05/2009
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