Borrowers Of Color Experience Worse Mortgage Outcomes According To CA Housing Counselor Survey

Borrowers Of Color Experience Worse Mortgage Outcomes According To CA Housing Counselor SurveyIn our continuing look at the recent California Housing Counselors Survey at what banks continue to do (or not do) to assist homeowners in foreclosure prevention we see the situation becoming worse not better as the banks and major media continue to proclaim

Finding #3:  Fifty-eight percent of counselors thought that borrowers of color “often” or “sometimes” experienced worse outcomes, up from 44% last year.

Finding #4:  The federal Independent Foreclosure Review process represents a poor federal response to abusive foreclosure practices. 65% of counselors reported that homeowners did not know what the notice was, 53% reported that homeowners thought it was a scam, and 43% reported that homeowners either did not know what they stood to gain or did not know how to fill out the form.

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Filed under Banks, California, Foreclosure

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