When the people at the Center for Responsible Lending release information we listen.
Their just released study contained some key findings:
1. We are not even halfway through the foreclosure crisis.
2. Loan characteristics and foreclosures are strongly linked.
3. Although the majority of affected borrowers have been white, African-American and Latino borrowers are almost twice as likely to have been impacted by the crisis.
We looked deeper into the report and found that of the mortgages originated between
2004 and 2008, 6.4 percent have ended in foreclosure, and an additional 8.3 percent are at
immediate, serious risk.
On a socio-economic angle, the white families have been the most affected by foreclosures. However, borrowers of color remain more than twice as
likely to lose their home as white households. These higher rates reflect the fact that African Americans and Latinos generally received high-risk loan products,
For those into charts, check out the link which offers some startling figures.