For many, the American Dream means owning a home. People work hard, save money, and ultimately try to obtain a mortgage, hoping for a better life. Yet for many people of color, the American dream has become a nightmare.

The new report, Foreclosed: State of the Dream 2008, finds that due to racial bias, people of color are being hit especially hard by the current subprime lending crisis. As homes are foreclosed and families of color find themselves in financial ruin, the racial and economic equality that Martin Luther King, Jr. once envisioned is moving even further out of reach. We found the estimated total loss of wealth for people of color to be between $164 billion and $213 billion for subprime loans taken during the past eight years. This breaks down to losses of between $71 billion and $92 billion for Black/African-American borrowers, and between $75 billion and $98 billion for Latino borrowers for the same period.

Attachment	Size
StateOfDream_01_16_08_Web.pdf	683.16 KB