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Biloxi Sun Herald: Subprime Mortgage Crisis Causing African-Americans to Experience Greatest Loss of Wealth in Modern U.S. History (1/9/08) by United for a Fair Economy
The current U.S. mortgage crisis has generated scads of (frequently awful) news reportage, but this reprint of a UFE press release joins Forbes.com's own reprint as the sole corporate media mentions of terrifying findings that "the subprime mortgage crisis will cause African-Americans to experience wealth losses of between $71 billion and $122 billion over its duration."The racial bias of subprime mortgage lenders accounts for a 40 percent difference in losses between whites and people of color.... "As a result of cold-blooded targeting of people of color, and low-income people in general, by the subprime mortgage industry," said Brenda Cotto-Escalera, co-executive director of UFE... "communities across the nation are being torn apart. As mortgages go into foreclosure, people move out, houses are boarded up, crime and fires increase, neighboring properties are devalued, and the tax base erodes."
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