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Sub Prime Exploitation |
| Published: September 5, 2007, 10:01 am |
| Tags: housing bubble, depression, banks, wall street, mortgages, housing, working class, enron, capitalism, economy |
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Subprime mortgages impact disproportionately on the working class in particular the ethnic working class in the United State. Foreclosures will result in increased homelessness in the U.S. Even those who could afford better loans were subject to denial of access to better loan rates due to systemic racism.This is what class war looks like under modern casino capitalism. It is the Enron moment for the mortgage industry.The White House announcement of a Mortgage forgiveness program, after the Fed bailed out the financial markets, is too little too late. Latinos and African-Americans who bought homes or refinanced mortgages in the San Jose metropolitan area last year were much more likely than white borrowers to get subprime loans, according to a study scheduled for release today. In its annual survey based on federally collected data, this year titled "Foreclosure Exposure," community activism group ACORN said 47 percent of Latinos who got mortgages to buy homes in Santa [ Full article ] |
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