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Subprime Loans and Minorities

Everyone has their own theories about the subprime mortgage debacle and more recently an in depth look with the CNBC special “House of Cards.” Some ofSubprime Loans for minorities the borrowers knew what they were getting into by lying about their income to afford a home.  Others however, did not know what lenders were steering them towards.  Unfortunately, most of these borrowers were minorities.  Now we do not know if they were taken advantage by lenders to make fortunes or if they truly were just clueless.

Recent studies have found that foreclosures are hitting minorities the hardest.  Of borrowers who received loans between 2005-2008, 8% of both Hispanic and African-American borrowers have lost their homes to foreclosures, compared the the 4.5% of non-Hispanic and whites.

The study revealed that minorities were offered subprime loans more frequently.  Of the total homeowners, 17% of Hispanics have lost their homes and 11% of African Americans are in a similar position.

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