Mortgage defaults force out immigrant families

“One of the biggest symbols of becoming an American is owning a home, and many immigrants from minority communities had to accept a subprime loan to make that dream a reality. Now those loans are forcing many immigrants into foreclosure and financial ruin.

“Forty percent of Latino loans are subprime loans and a significant portion of these borrowers could have qualified for the prime, but were steered into the subprime market,” said Janis Bowdler, a senior policy analyst for housing for the National Council of La Raza.

“One in five Latinos will lose their homes to foreclosure,” Bowdler said. “Our homes are how we send our kids to college and pay for our retirement. This is very disconcerting not just for Latinos, but also for all groups that are in this situation.””

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