Housing crisis hits immigrants in Massachusetts

When Ramon Gallo bought a $300,000 home in Westborough in late 2006, he thought he had achieved his dream. Sixteen months later, Gallo, who signed for an adjustable-rate mortgage, has fallen behind on his payments and fears he may soon live a foreclosure nightmare.

Gallo, 38, who came from Mexico five years ago, is part of a wave of immigrant homeowners who have been hit hard by the national foreclosure epidemic. Reports say new immigrants, along with minorities and low-income Americans, were the targets of sub-prime loans, which played a key role in the foreclosure epidemic.

Many immigrants bought homes during the boom market five years ago, taking advantage of adjustable-rate mortgages, which made it easy at first glance to buy properties.”*

*From: www.dailynewstribune.com
Traducido: usando Google o Altavista/Babel Fish

Leave a Reply