The mortgage-foreclosure crisis cuts across all races and incomes, but it has an even more profound impact on the black community, where homeownership is lower and home equity serves as the main source of wealth in black families.
Subprime lending has been a mechanism for African-Americans to become homeowners. This was one way for African-Americans to gain some access to wealth,” McCarthy said. “Now the reverse is going to happen.”
Cora Fulmore sees it every day now as middle-class blacks — managers, executives, business owners, accountants and educators — seek help from her Mortgage and Credit Counseling Center in Winter Garden to save their homes.
Read the rest of the Orlando Sentinel article here
{ 1 trackback }
{ 1 comment… read it below or add one }
While this bill seemingly helps – if you read between the line it only helps the Gov’t turn their 15 Million to 38 million with and seemingly boosts the economy while not addressing the problem of predatory lending, nor of assisting homeowners in distress. How about an Act which reduces the practices of predatory lending by enacting a task force of attorney’s with grant money to study mortgage discrepencies, requesting a general accounting of said loans and verifying that they indeed lent following all lending guidelines, rules & regulations, and turning the tables on institutional lenders that failed to do so, by reverting the loans to what they were supposed to be without the inflated fees which they often refuse to disclose to the homeonwers even after having requested them in writing multiple times????? Ms. Waters, two thumbs up for making yourself the Star Candidate of another political ploy…while screwing “We the People”.