Study Predicts Foreclosure for 1 in 5 Subprime Loans
Tagged: foreclosurePosted on: December 20th, 2006“About one in five subprime mortgages made in the last two years are likely to go into foreclosure, according to a report released yesterday, ending the dream of homeownership for millions of Americans.
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Minority homeowners take out a disproportionate share of subprime loans. The most recent Home Mortgage Disclosure Act data from lending institutions show that over half of African-Americans and 40 percent of Hispanics received subprime loans.The report projects that 10 percent of the African-American borrowers and 8 percent of Hispanic borrowers will be affected by foreclosure. In contrast, only 4 percent of recent white borrowers are expected to be affected.”
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Filed Under: Real Estate, Research, Top Stories, Your Money
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