Foreclosure Crisis Hits the Minorities

Check out this recent article from CNNMoney. According to recent studies, minorities are on the rise when it comes to mortgage crisis.

The majority of borrowers that took out mortgages between 2005 and 2008, 8% lost their homes to foreclosure. That 8% being both the African-American and Latino minority. The comparison to non-Hispanic whites is relatively lower.

What is the reason for this sudden rise in foreclosures amoung African-Americans and Latinos?

Study reveals they were received very expensive mortgages, with high cost loans that were inevitably unaffordable and would fail.

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    I was sad to hear that Foreclosure Crisis Hits the Minorities. Foreclosure is something that destroys the economy and affects minorities and poor people. So it should be removed.