**Help** Question: Foreclosures by Race?

[jfsndvs]

Does anybody know the percentages of foreclosures by race?

I was watching Democracy Now and this economist kept insinuating that this sub-prime mess is basically a black thing (he's a liberal). I also read an article in the economist months ago that said the same thing. They say that bailing out homeowners would be bailing out African Americans.

Now I never even thought about it like this because we only make up 13% of the population. I assumed whites made up the majority of people foreclosed on. I've been searching the net for information, but I can't find straightforward answers.

Somebody?

 

[Adam Knows]

 

[CybaCipha]

We had a lunch discussion at work (Sometimes we all eat together) and many of these CACs had the same feeling as the shit you watched.

Anyways I found and posted this paragraph in an email to the whole company:

RISMEDIA, July 24, 2008-ComplianceTech, a provider of technology and business intelligence for consumer lending institutions and government agencies, has released an industry report indicating that the majority of subprime-rate loans originated in 2006 were made to non-Hispanic Whites and upper-income borrowers (conventional, 1st lien, 1-to-4 family, owner-occupied, home purchase and refinance).The findings are contrary to the way subprime-rate lending has been portrayed. Frequent media portrayals and congressional dialogue refer to subprime-rate lending as a minority and low-income issue. Findings in the report are based on data submitted by lenders under the Home Mortgage Disclosure Act (HMDA) analyzed with the data-mining tool LendingPatterns(TM).

The report concluded that a disproportionate share of loans made to minorities and low-income borrowers were subprime-rate loans, but the majority of subprime-rate loans were made to non-Hispanic Whites and upper-income borrowers. Of the 1,917,809 subprime-rate loans originated in 2006, non-Hispanic Whites had 70.82 percent of the loans, and 56.23 percent of the subprime-rate loans. Upper-income borrowers had the highest share of the subprime-rate loans at 39.37 percent, followed by 27.55 percent for middle-income borrowers and 20.99 percent for moderate-income borrowers.

Contrary to popular belief, low-income borrowers had only 149,173, or 7.57 percent, of 2006 subprime-rate loans. The report also concluded that the majority of subprime-rate loans were originated in predominately-White geographic regions (areas representing census tracts less than 30 percent minority).

Compared to joint applicants, the report also found that single men and single women received the highest share of 2006 subprime-rate loans. The frequency of subprime-rate loans for males without co-applicants and females without co-applicants was almost even at 32.60 percent and 32.21 percent, respectively. Together single borrowers received 64.81 percent of the subprime-rate loans originated in 2006.

Click the link for the remainder of the article

http://rismedia.com/wp/2008-07-23/report-shows-subprime-rate-lending-dominant-with-non-hispanic-whites-and-upper-income-borrowers/#hide