A new report from United for a Fair Economy (UFE) accuses subprime lenders of deliberately and aggressively targeting poor and minority households.
US mortgage lenders targeted minorities and people with low incomes in recent years as the "best candidates" for subprime home loans, with devastating economic consequences, a report claimed Tuesday.
The report by United for a Fair Economy (UFE) advocacy group said subprime mortgages, home loans issued to Americans with scant finances, were "ruthlessly hawked" and that a "solid majority of subprime loan recipients were people of color."
Hundreds of thousands of families lost their homes to foreclosure last year after failing to keep up with mortgage payments, a hefty chunk of which were subprime loans, amid a national housing downturn that shows no sign of easing.
UFE researchers said Detroit, Michigan has been hit by more foreclosure filings than any other city in the one hundred largest US metropolitan areas, and that it ranks third among cities with the largest black populations.
The report's authors said many blacks and poor Americans were deliberately targeted by lenders marketing a range of money-making home loans that were sometimes confusing for borrowers to understand. Some lenders...steered customers into taking out subprime loans when they could have qualified for better terms, the UFE said.
The report estimated the total loss of wealth "for people of color" including Latinos to be between 163 and 278 billion dollars for subprime loans taken out during the past eight years.
"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," Brenda Cotto-Escalera, one of the report's co-authors, said.
FULL STORY: US subprime lenders targeted blacks, poor: report

Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.

Why Bike Lanes Are Good: An Explainer for the US Transportation Secretary
Sean Duffy says there’s no evidence that bike lanes have benefits. Streetsblog — and federal agencies’ own data — beg to differ.

California Invests Additional $5M in Electric School Buses
The state wants to electrify all of its school bus fleets by 2035.

Austin Launches $2M Homelessness Prevention Fund
A new grant program from the city’s Homeless Strategy Office will fund rental assistance and supportive services.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Ada County Highway District
Clanton & Associates, Inc.
Jessamine County Fiscal Court
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service