Hence, Latino families trying to achieve the “American dream” find themselves heavily in debt and with their homes in foreclosure:
Like other groups, Hispanics see home ownership as progress. The equity that comes with a home is a means of building wealth. It’s leverage for starting a small business, financing an education and building a stake in a community.
While market sticklers blame the subprime crisis on bad financial decisions, allowing the market to act as if it functions outside of racism would be absurd.
Mortgage Bankers Association economist Jay Brinkmann claimed that the analysis did not have enough information, yet previous studies seem to strongly support the conclusions of the NYU report.
Sources- New York Times – City Room, WNBC, The Latin Americanist, UPI, El Diario/La Prensa, Washington Post, CNNMoney.com
Image- Financial Ambition
1 comment:
Not a surprising find, however, the truly sad part is that many minority real estate “professionals” knowingly mislead minority first time buyers. I have seen many instances where these “professionals” would push purchases that people couldn’t possibly afford if the rates ticked up even 1 point. It’s a depraved world we live in. The old adage remains true; Buyer Beware!
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