Pushed Back: The Devastating Effects of the Subprime Foreclosure Crisis in the Southeast and the Impact on African Americans

March 1st, 2008

The southeast region has been significantly affected by the foreclosure crisis – especially in African American communities. Repairs to the home mortgage market should take into account the gains that African-Americans have made in getting access to credit, but now it is time to ensure that such access is based on sustainable loans that actually help families build wealth, rather than those that are designed to fail. Homeownership has long been the primary asset owned by African-American families. By enacting strong foreclosure prevention policies and protections from predatory lending, the effects of the foreclosure wave can be muted and a foundation laid for building wealth in the southeast – especially in communities of color.

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