Sunday, February 1, 2009

Minority Communities Lost $213 Billion due to Predatory Lending

The social advocacy group United for a Fair Economy just released a study stating that the cost of the mortgage crisis has been $213 Billion to minority groups.  The cost was calculated over the 8 years of the Bush Administration.

"Millions of African Americans lost their homes as a result of predatory lending and complicated contracts," says Dr. Boyce Watkins, Finance Professor at Syracuse University.  "This was a double whammy for senior citizens, including my own grandfather."

The report was entitled "Foreclsure: State of the Dream".  In fact, the study concludes that the impact of the crisis on the Black community was "the most massive loss of wealth for African Americans in U.S. history."

 

2 comments:

Reverend Manny said...

Back in 1999, when Clinton appointed Andrew Cuomo as head of the HUD, he was doing the prepwork for his Clinton Initiative and his wife's Senatorial Campaign. It gets kinda complicated after that, but what you notice is that the HUD, even more so under Bush's "ownership society" actually pushed underemployed and uderqualified Americans (almost all poor) to take out loans far beyond even their LIFETIME EARNING POTENTIAL....

effing warped, man...

been digging your blogs alot... keep up the great work....


One Love, One Hope, One Struggle,
--Reverend Manny and the Twilight Empire

Mindaslight said...

I agree with Manny. This is just sick.