The Housing Crisis: Blacks & Latinos Targeted

Subprime mortgages recently have expanded greatly. With higher interest rates and higher fees and penalties than conventional mortgages, subprime loans qualify individuals who otherwise couldn't get a loan because of low income or bad credit history. DiversityInc.

Original publication: DiversityInc

Date of publication: 09/10/2008

Subprime mortgages recently have expanded greatly. With higher interest rates and higher fees and penalties than conventional mortgages, subprime loans qualify individuals who otherwise couldn't get a loan because of low income or bad credit history. But buying into the American dream using subprime loans has forced millions of families to give up their homes because they can't keep up with the higher interest rates and other charges.

By 2006, more than one-fifth of all mortgages in the United States were subprime. Middle-class families and low-income families with serious financial setbacks who were interested in homeownership were targeted.

Read the full article in DiversityInc.