Monday, October 03, 2005

Subprime mortgages mean no mortgage relief for many in New Orleans

Despite the public announcements by banks and lenders offering relief to homeowners affected by Hurricane Katrina, many African-American homeowners from New Orleans will not benefit from these announced policies. This is due to the high percentage of African-American homeowners who have higher cost subprime mortgages, and the failure of subprime servicers to offer the same assistance to their customers as prime servicers.
From "Another Crisis in the Making! How the Subprime Mortgage Industry is Sandbagging Katrina-affected Homeowners" (Acrobat .PDF file), an ACORN report.


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