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Boston  Housing Advocacy Group “United for a Fair Economy” released a study estimating that minority Americans lost up to $213 billion dollars in housing and credit; during the eight years of the Bush Presidency. All in the Sub Prime Mortgage Lending and Credit Crisis.

The UFE Report details how much of the housing losses suffered by and In minority communities; were due to predatory lending. Minority buyers were three out of four times the national average, plagued by losses caused by unclear and shady loan terms and suddenly increasing costs.

A Michigan Real Estate Broker that we spoke with recently, puts it simply like this - “it’s the after effect of that Un-Clear Balloon Payment that cause the bubble to burst, for most new home buyers. It happens when you realize that You can’t work at a Mickey D’s Salary and Afford to Pay for a McMansion”.  No Truer Words are being echoed throughout courthouses. laywers offices, and dining rooms in America.

The report clearly stated that this time period represents”the most massive loss of wealth for Minority Americans, Mostly African Americans; in U.S. history.” WOW

Data gleaned from responses to The HUD’ Home Mortgage Disclosure Act; shows that upwards of 40 percent of  Minority Home Buyers, were driven to expensive sub-prime housing loans. Even though they could have qualified for cheaper mainstream mortgages.

Americas’ Mortgage Crisis is much deeper than any of us imagines; as indicated by this most recently released data.  I am sure that this will impact both buyer and lender confidence in the years to come.