As we all know the housing crisis began a few years ago and Latino families in America were and still are saying adios to the American dream. But, apparently more help is on the way for those familias that qualify, especially Latino families and other minorities as the political parties seek support for the elections this year.

“As Congress heads into a critical week of votes on how to relieve America‘s home-foreclosure crisis, one of the toughest issues will be how to deal with the racial and ethnic dimensions of the problem.”

“The racial overtones of the foreclosure crisis are taking on a higher profile as Congress wrestles with the shape of a fix this week.”

“Black and Hispanic families have gotten a disproportionate share of subprime lending, and subprime loans are the driving force behind the foreclosures”

“4 in 10 Hispanics who got a mortgage in 2006 had a subprime loan, according to a 2007 analysis by the Center for Responsible the Lending.”

“The areas hardest hit by home-loan crisis are heavily Hispanic. In seven of the 10 metro areas with the highest foreclosure rates last month, they represent at least one-third of the population; in two of them – Merced and Salinas-Monterey, Calif. – Hispanics make up more than half of the population.”Read the story.

Gracias a dios for the elections this year as it seems like a many Hispanic homes will be saved. The aid is not only for Hispanic families, is for everybody, but since Latinos are in the group of the highest foreclosure rates, many will get some aid.

I still think that many will lose their homes regardless. This entire aid thing seems like a boost for the voting on the elections.

Tags: Hispanic housing, housing aid, subprime

This entry was posted on July 22, 2008 at 7:18 pm and is filed under Latino Housing News. You can follow any responses to this entry through the RSS 2.0 feed.