Foreclosure Wave Said to Hit Latinos Hard

“As the nations attention has been drawn recently to the fallout in subprime lending, advocates and real estate professionals say minority and immigrant populations are suffering disproportionately from the foreclosure wave sweeping through many states, as they were more likely to rely on risky loans as their ticket into the market. In San Diego, the communities hit hardest by foreclosure have larger-than-average Latino populations and tend to be closer to the U.S.-Mexico border.

“Were seeing a huge amount of foreclosures and defaults, and unfortunately, a lot of those are going to be in the Hispanic market,” said Leo Simpser, managing director of the San Diego-based Hispanic National Mortgage Association.”

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