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Study: Foreclosures hurt family stability

Civil rights group calls for better government intervention
Published on Feb 18, 2010

As the one-year anniversary of the Obama administration's Homeowner Affordability and Stability Plan approaches this week, a new study reveals the damage foreclosures have had on Latino families and recommends government intervention to ease the financial and psychological effects of losing a home, the National Council of La Raza said Tuesday. "An estimated 1.3 million Latino families will lose their homes to foreclosure between 2009 and 2012. This represents a shocking loss of wealth and a major blow to community stability," said Janet MurguĂ­a, the civil rights advocacy organization's president and CEO, in a statement. Latinos and blacks were more than twice as likely as whites to be offered a subprime loan and the housing collapse has therefore disproportionately affected these groups, the report said. By 2050, Latinos will make up 30 percent of the population, and immigrants and their children will account for 82 percent of the household growth between now a...

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