The Real Deal Miami

Hispanic homeowners now falling victim to foreclosure

January 05, 2009 11:26AM

In 2005, mortgages to Hispanics jumped by 29 percent, with nonprime mortgages increasing 169 percent. Low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative and mortgage
lenders and brokers all pushed to increase Latino homeownership, the
Wall Street Journal found. Mortgage lenders offered potential homebuyers in heavily
Hispanic districts home loans that required no down payments, credit
ratings or employment documentation. As a result, many of these
homeowners are now losing their homes to foreclosure.