June 22, 2009

Minorities affected the most by Foreclosures in New York

Filed under: Uncategorized — americanforeclosures @ 10:10 pm
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Minorities in New York have been affected the most by foreclosures in New York.  Foreclosures are occurring three times as often in minority census tracks compared to white ones.  Black and Latino home owners are twice as likely to hold high interest sub-prime home loans than white home owners with the same or lower income.

Black and Latino homeowners frequently enter into a different lending situation.  Banks have targeted minorities including blacks and given them unfavorable sub- prime loans when they qualified for better rates.  This problem along with the fact that people of all colors had skimped loans in the worst Real Estate market ever has contributed to the current foreclosure crisis.  Questionable practices by banks such as giving large gifts to brokers who steered borrowers to high interest rates substantially led to the foreclosure meltdown.  Making matters worse, minorities are often afraid to go to well known banks due to known discrimination and they fall into sub-prime mortgage traps.  These are just a few of the reasons why foreclosures are so high in New York and the rest of the nation.


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