Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

'Serpent Pastor' Dies of Snake Bite Mack Wolford believed faith compelled him to face the risk »

Foreclosure Crisis Wallops Minority Neighborhoods

Lenders accused of 'redlining' black neighborhoods for subprime loans

By Rob Quinn, Newser Staff

Posted May 16, 2009 6:44 AM CDT

(Newser) – The national foreclosure crisis is battering minority neighborhoods with disproportionate force, the New York Times reports. Few areas in the New York region have been untouched by the crisis, but 85% of the worst-hit neighborhoods have a majority of black and Latino homeowners. Experts blame... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Miami Face-Eater Identified

New York Times (Source Grid »)

Obama expands homeowner help program
Newsday

US • Money

African Americans • housing market • subprime mortgages • mortgage • minorities • subprime crisis • foreclosures

More Newser Stories

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

(NEWSER) - The Treasury's $50 billion loan-modification program is in danger of being swamped as the foreclosure crisis accelerates, the Congressional Oversight Panel said in a report yesterday. The Home Affordable Modification Program has met its target of 500,000 trial mortgage modifications started by November 1, but the watchdog warned that foreclosure starts are outnumbering modifications 2 to 1 as the crisis spreads from subprime to prime mortgages. More»

Goldman Seizes Homes as Securities Sour

Just getting them to admit they hold your mortgage can be an ordeal

(NEWSER) - Imagine finding yourself in a foreclosure battle and discovering that your opponent isn't the obscure lender who wrote your insane mortgage, but the formidable Goldman Sachs. It seems that after years of buying subprime mortgages and packaging them into bonds, at a handsome profit, Goldman is now in the business of chasing down defaulting homeowners. More»

Targeted in Bubble, Latinos Now Face Foreclosure Flood

Push to get subprime, other risky mortgages to Hispanic community backfires

(NEWSER) - The US housing crisis has hit particularly hard in the Latino community, the Wall Street Journal reports, which was targeted by both lawmakers and lenders—often with subprime and other risky mortgages—during the bubble. Hispanic homeownership swelled 47% between 2000-2007, and the foreclosure crisis has hit hard for many who saw buying a home as the pinnacle of the American dream. More»

Federal Mortgage Plan Not Helping the Neediest: Critics

Only 2K in danger of foreclosure have been able to take advantage, stats show

(NEWSER) - A plan to federally subsidize the refinancing of troubled mortgages has in fact helped relatively few of the most at-risk borrowers, the New York Times reports. Though Bush administration officials said FHA Secure has benefited 150,000, federal statistics show that only 1,729 of those mortgages were delinquent. “They came to us before they got into trouble,” one official said. More»

Mortgage Meltdown Hits Small Builders

Wave of bankruptcies could in turn weaken regional banks

(NEWSER) - The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could be the next victims. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Foreclosure Crisis Wallops Minority Neighborhoods

Lenders accused of 'redlining' black neighborhoods for subprime loans

African Americans • housing market • subprime mortgages • mortgage • minorities • subprime crisis • foreclosures

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Watchdog: Feds Need to Expand Foreclosure Plan

$50B plan proving ineffective as more mortgage holders lose their jobs

Goldman Seizes Homes as Securities Sour

Just getting them to admit they hold your mortgage can be an ordeal

Targeted in Bubble, Latinos Now Face Foreclosure Flood

Push to get subprime, other risky mortgages to Hispanic community backfires

Federal Mortgage Plan Not Helping the Neediest: Critics

Only 2K in danger of foreclosure have been able to take advantage, stats show

Mortgage Meltdown Hits Small Builders

Wave of bankruptcies could in turn weaken regional banks

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?