The End of the American Dream for Blacks and Latinos: How the Home Mortgage Crisis is Destroying Black and Latino Wealth, Jeopardizing America’s Future Prosperity and How to Fix It
As the United States slips deeper into its most severe economic downturn since the Great Depression, a crippling blow to families and the long term health of the nation’s economy will occur through massive foreclosures and the spillover destruction of household wealth. Recent foreclosure projections estimate a total of 2.4 million homes lost in 2009 and 9 million lost during 2009-2012. Goldman Sachs estimates a total of 13 million foreclosures on all types of loans through 2014. These projections are based on the mountain of mortgage debt awaiting resets over the next few years, including 2 million more homeowners with sub-prime mortgages scheduled to be reset in early 2009.