Nov 16, 2009 3:50 pm US/Eastern
Black, Latino Homeowners At Disproportionate Risk
African American, Hispanic Homeowners More Likely Than Whites To Be Unemployed, Have Higher-Priced Loans
NEW YORK (AP) ―
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A woman in a home being foreclosed on was found dead in the burning Pasadena house.
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A report on the housing crisis says black and Latino homeowners face a disproportionate risk of foreclosure. That's because they face higher unemployment rates than whites and are more likely to have higher-priced loans.
The report calls on the government to do more to protect homeowners.
Its author, Professor Raul Hinojosa, says black and Latino homeowners around the country are anywhere from two to nine times as likely as whites to have high-cost loans.
The nationwide unemployment rate is 10.2 percent. But for blacks, it's 15.7 percent and for Latinos, 13.1 percent.
The report was written for the William C. Velasquez Institute, a nonpartisan think tank that studies Hispanic issues.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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