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Many Minorities Still Under Water

(, July 05, 2013 ) Canyon, AZ -- According to a report entitled “Wasted Wealth” and published by the Alliance for a Just Society, when it comes to foreclosures it is still a black and white world. The report dated May 2013 states that while economic experts are trumpeting the housing market turnaround, many Americans are still under pressure to keep their homes. The report also asserts that in 2012 alone, lost wealth to American households was $192.6 billion through foreclosure and a disproportionate number of the households are minorities. “Wasted Wealth” went on to declare that another $220 billion stands to be lost before all is said and done.

The report claims that the losses are not evenly distributed though. Minority neighborhoods have sustained an average loss of $2,200 or 1.7 times the average lost wealth of $1,300 in neighborhoods where the majority of residents are white. Co-author of the report Jill Reese states, "While the impacts of the housing crisis have been felt broadly across communities and across the country, this data shows that there's a clear racial dimension to the foreclosure crisis. Households in communities of color are the hardest hit."

The report blames the disproportional figures on the risky mortgages associated with the housing meltdown. It sites the testimonies of former Bank of America and Wells Fargo bankers that admitted they specifically targeted minorities for subprime loans. Some of these minorities may have even qualified for prime loans. The study shows that even among high-income minority borrowers, they (Latinos, Asians and black people) were three times more likely to pay higher prices for mortgages than their white counterparts were.

To remedy the situation the organizations behind the study are pushing for principal reductions at Fannie Mae and Freddie Mac. This idea has the support of several state attorney generals, could help 500,000 homeowners and save taxpayers as much as $1 billion, according to a Federal Housing Finance Agency.

Ed DeMarco, FHFA's director, has dismissed the idea. He believes it would prompt other homeowners to intentionally default to receive loan modifications. However, DeMarco's term is up soon and President Obama has appointed Mel Watt to replace him. Watt supports the idea but his appointment must still be approved by Congress.


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Source: EmailWire.Com

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