US Subprime Lenders Targeted the Poor

US Subprime lenders targeted the Poor

http://news.yahoo.com/s/afp/20080115/lf_afp/
uspropertyfinanceminority

begin Quote from yahoo article above: "The report by the United for a Fair Economy (UFE) advocacy group said subprime mortgages, home loans issued to Americans with scant finances, were "ruthlessly hawked" and that a solid majority of subprime loan recipients were people of color."endquote.

Begin quote over halfway down page same article, "The report estimated the total loss of wealth 'for people of color' including latinos to be between 163 and 278 billion dollars for subprime loans taken out during the past eight years.

We believe this represents the greatest loss of wealth for people of color in recent US history." the UFE said, saying America was entering an economic downturn that could match the Great Depression." endquote

Begin quote further down page,"Communities across the nation are being torn apart. As mortgages go into foreclosure, people move out, houses are boarded up, crime and fires increase, neighboring properties are devalued, and the tax base erodes." Brenda Cotto-Escalera, one of the reports co-authors, said."end quote.