Imagine receiving a call from a mortgage company promising you a lower monthly mortgage payment if you refinance. But you may need to pay a slightly higher amount for a few months prior to the lower rate taking effect. Sounds good, right? That's what millions of Americans thought too--especially Black and Latino homeowners, many of whom were first-time buyers. A report titled "State of the Dream 2008: FORECLOSED" by United for a Fair Economy pinpoints how mortgage companies and banks targeted people from traditionally underrepresented groups with subprime loans. In addition, the report illustrates how severely affected the Black and...
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