Foreclosure While Black

Testimony at yesterday's Congressional hearing revealed that some homeowners applying for loan modifications are being discriminated against for the following reasons.... -RACE....Blacks are less likely to have their permanent loan modifications approved. -AGE......People 50 & above are less likely to be approved for permanent modifications. Check out the video of yesterday's hearing containing references to discrimination There is more. Yesterday, the National Community Reinvestment Coalition testified before the House Oversight and Government Reform Committee, which has opened an investigation into Making Home Affordable As part of the Committee’s investigation, NCRC released a survey of homeowner experiences in the loan modification process, conducted by over 29 housing counseling organizations affiliated with the organization. “We’ve surveyed housing counselors from the front lines of the foreclosure crisis, and they tell us that the battle is being lost.” said John Taylor, president & CEO of the National Community Reinvestment Coalition. The HAMP Mortgage Modification survey released by NCRC provides alarming insight into the experience of homeowners going through the federal Home Affordable Modification Program (HAMP). The survey was administered to distressed homeowners seeking assistance from NCRC’s Housing Counseling Network. Loan servicers foreclose on delinquent black or African American borrowers more quickly than White or Hispanic borrowers. Additionally, White HAMP eligible borrowers are almost 50% more likely to receive a modification than African-American or Latino borrowers. Let's talk about America's forclosure while black policy, tonight on the slugfest... "if you can handle the truth."