Housing Crisis Reduces Black Wealth

Summary

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Subprime lending has always had its opponents, who say these lending companies intentionally loan to borrowers who could never meet the terms of their loans, leading to default. Activists have for years tried to curtail the spread of high interest personal loan companies in Black communities and subprime auto lenders have been also been on the hot seat in recent years. It's the subprime mortgage lenders, however, who are destroying Black wealth. A recent study shows that more than 2 million homeowners who purchased homes with a subprime mortgage loan between 1998 and 2006 will lose their homes to foreclosure. Ten percent of them will be African-American.

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Extract

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Housing Crisis Reduces Black Wealth

Homeownership is one of the best ways for African-American families to build wealth and lay a solid foundation for the future. In the last few years, many ...

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