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PNS Daily Newscast - August 14, 2020 


Trump rebuffs Biden's call for a national mask mandate; nurses warn of risks of in-person school.


2020Talks - August 14, 2020 


Responses to President Trump's suggestion that he opposes more Postal Service funding in part to prevent expanded mail-in voting; and Puerto Rico's second try at a primary on Sunday.

Analysis: Michigan Mortgage Foreclosures are "Colorful"

December 24, 2007

Lansing, MI – Michigan is leading the country with a statistic envied by no one – the highest rate of home mortgage foreclosures, along with Ohio. And the misery of losing homes is falling most heavily on families of color.

While mortgage woes have affected almost all areas and income levels, Jim Carr with the National Community Reinvestment Coalition says his research predicted two years ago that certain people were going to be more keenly affected by these problems than others.

"The home ownership gains for blacks and Latinos were not sustainable because of the cost burdens that they were experiencing as a result of taking these loans."

Carr says blacks and Latinos were directly targeted by subprime lenders, in Michigan and throughout the country. He explains that, while recently announced market standards and federal aid to distressed borrowers could help in the long term, they do nothing to assist people going into foreclosure now. He advises anyone who can't make their mortgage payments to contact their lender directly, to try to negotiate a plan.

Carr adds it's not just subprime mortgage holders who should be concerned about the industry crisis; that everyone has an interest in helping homeowners weather the mortgage market storm.

"You don't have to have been in the subprime market to be feeling the pain right now. House prices nationally are down by more than three percent and, in many states, they're down already in the double digits."

Deborah Smith/John Robinson, Public News Service - MI