Arrested Development: Foreclosures Eroding the Latino Community
Wilberg Ricks, Nancy
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Foreclosure rates have reached historic levels. Faulty underwriting and predatory lending are significant factors in this increase. Absent major intervention, high foreclosure rates will continue to rise as the majority of payment-option adjustable rate mortgages (ARMs)—a loan product that was heavily marketed and sold within the Latino community—are expected to reset in 2009 and 2010. Until efficient regulations are enacted, Latino families' assets and wealth will remain threatened.