The Mortgage Crisis is Not Colorblind
Ask anyone to define the "American Dream" and almost surely, the reply will be: "owning a home." And for good reason Chase Home Mortgage a home is equal parts family sanctuary and financial cornerstone. But for too many African-Americans, that part of the American Dream is still that just a dream. And the recent mortgage crisis has made matters worse. But as we respond to today's headlines, Chase mortgage modification I urge you to not forget yesterday's lessons.
Some basic numbers tell a familiar story: African-Americans own fewer homes than other Americans, and those homes generally have CitiMortgage Loan Modification Program lower average value. This is, in part, the difficult arithmetic of our history. African-American communities have historically been poorer and more marginalized, meaning that securing competitive loans or even having Citimortgage loan modification terms access to major banks has been difficult. Past is often prologue, and the housing market is no exception.
In recent years, African-American communities have been deeply exposed to subprime and other risky mortgage CitiMortgage Loss Mitigation Department products. Subprime and other mortgages that are associated with high default rates are often more common in predominantly African-American neighborhoods. And, although determining who gets what loan, and on what terms, is a complicated affair, recent reports have suggested that, even when income and other traditional credit criteria are similar, Does credit score help home loan modification? African-American borrowers are likely to pay higher rates for riskier loans than other groups.
And so, when the mortgage market collapsed, African-American homeownership went with it. Between 2004 and 2007 - the beginning of the mortgage Fannie Mae Loan Modification Package meltdown - rates of African-American homeownership declined faster than for any other group. And it might get worse still, as African-Americans are gmac streamline loan Modifications less and less likely to even apply for a mortgage - applications from African-American borrowers fell by more than a third from 2006 to 2007.
To top it all off, the crisis has brought with it new forms of exploitation, including mortgage fraud and other schemes targeting vulnerable homeowners. Reports of mortgage fraud have risen GMAC Successful Loan Modification steeply across the nation, as have criminal investigations into these crimes. In one common scenario that my office has increasingly seen how to apply for obama stimulus package in California, so-called "loss mitigation" companies promise to help distressed homeowners for an upfront fee that is sometimes in the thousands of dollars.
Some basic numbers tell a familiar story: African-Americans own fewer homes than other Americans, and those homes generally have CitiMortgage Loan Modification Program lower average value. This is, in part, the difficult arithmetic of our history. African-American communities have historically been poorer and more marginalized, meaning that securing competitive loans or even having Citimortgage loan modification terms access to major banks has been difficult. Past is often prologue, and the housing market is no exception.
In recent years, African-American communities have been deeply exposed to subprime and other risky mortgage CitiMortgage Loss Mitigation Department products. Subprime and other mortgages that are associated with high default rates are often more common in predominantly African-American neighborhoods. And, although determining who gets what loan, and on what terms, is a complicated affair, recent reports have suggested that, even when income and other traditional credit criteria are similar, Does credit score help home loan modification? African-American borrowers are likely to pay higher rates for riskier loans than other groups.
And so, when the mortgage market collapsed, African-American homeownership went with it. Between 2004 and 2007 - the beginning of the mortgage Fannie Mae Loan Modification Package meltdown - rates of African-American homeownership declined faster than for any other group. And it might get worse still, as African-Americans are gmac streamline loan Modifications less and less likely to even apply for a mortgage - applications from African-American borrowers fell by more than a third from 2006 to 2007.
To top it all off, the crisis has brought with it new forms of exploitation, including mortgage fraud and other schemes targeting vulnerable homeowners. Reports of mortgage fraud have risen GMAC Successful Loan Modification steeply across the nation, as have criminal investigations into these crimes. In one common scenario that my office has increasingly seen how to apply for obama stimulus package in California, so-called "loss mitigation" companies promise to help distressed homeowners for an upfront fee that is sometimes in the thousands of dollars.
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