Foreclosed: State of the Dream 2008

Source: Amaad Rivera, Brenda Cotto-Escalera, Anisha Desai, Jeannette Huezo, and Dedrick Muhammad, United for a Fair Economy, January 15, 2008

This report finds that due to racial bias, people of color are being hit especially hard by the current subprime lending crisis. As homes are foreclosed and families of color find themselves in financial ruin, the racial and economic equality that Martin Luther King, Jr. once envisioned is moving even further out of reach. We found the estimated total loss of wealth for people of color to be between $164 billion and $213 billion for subprime loans taken during the past eight years. This breaks down to losses of between $71 billion and $92 billion for Black/African-American borrowers, and between $75 billion and $98 billion for Latino borrowers for the same period.

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