Latinos Blacks Most Impacted By Predatory Lending
San Francisco,_ Communities across the country are debating and lamenting their positions in today’s mortgage meltdown. El Tecolote News reports that one group, the Mission Economic Development Agency (MEDA) is leading the way to finding resources to help residents facing this economic crisis and hardship.
No one is immune to today’s economy and while it is taking a toll on everyone it is a greater burden to people of color. A new “State of the Dream 2008: Foreclosed” report by Boston based United for a Fair Economy found that from the sub prime loans taken over the last eight years Latinos will lose between $76 -$129 billion and Blacks between $71 - $122 billion. The clock is moving, the economy still reeling and lenders are not acting fast enough to serve their clients so the foreclosure movement is gaining on us all.
