State of the Dream 2008 Presentation (January 15, 2008)

01/15/2008 12:00 pm

Presentation of new report

Foreclosed: State of the Dream 2008

This presentation of our new report will detail how the subprime mortgage crisis will impact African-Americans and other people of color. We found that it will be the greatest loss of wealth for African-Americans in modern US history. The report also estimates and compares the costs that will accrue to different racial groups, due to the racial bias in the way these loans were marketed and delivered.

Where: Institute for Policy Studies
1112 16th Street NW
Suite 600, Washington, DC

When: Tuesday, January 15, 2008, 12:00 PM - 1:30 PM.
Lunch will be provided

Who: Two co-authors of the report, Brenda Cotto-Escalera of United for a Fair Economy and Dedrick Muhammed of the Institute for Policy Studies

In addition to staggering numbers, the presentation also contains a discussion of the impact of this specific type of wealth loss on communities – especially communities of color. It also proposes a range of solutions to housing, lending and other wealth-building inequities.

Homeownership is at the foundation of the American dream, and this foundation has crumbled under the crash of the subprime mortgage market. Two million additional homes are expected to go into foreclosure in 2008. Given that Blacks and Latinos are a disproportionate number of subprime borrowers, and that the assets of these groups are mostly concentrated in homeownership, the current foreclosure crisis will result in a huge loss of wealth for communities of color whose people are struggling the hardest to build wealth.

Space is limited. RSVP to Mazher Ali at 617-423-2148 ext 100 or email him at mali@faireconomy.org.

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