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Hispanics over 50 are Among the Hardest Hit with Foreclosure Crisis
Posted By Raquel "Rocky" Egusquiza On July 27, 2012 @ 4:41 pm In Take Care | Comments Disabled
The pinnacle of the American Dream was becoming a homeowner. However, that dream went bust for many after the subprime bubble crumbled in 2008. At first, minorities and the middle class were the hardest hit by the market implosion; besides these folks, we had no data on how the depression affected the 50+ segment — well, not until now.
AARP Public Policy Institute recently published a study called Nightmare on Main Street: Older Americans and the Mortgage. This is the first study focused on the 50+ population and how they have been affected by the mortgage crisis. The results are worrisome, to say the least; it shows that more than three million Americans reaching retirement age or already retired are at risk of losing their homes.
The highlights of the report are the following:
“More policy solutions are needed to assist all homeowners, particularly older Americans. Policy solutions that should be considered include: principal reduction loan modifications; mediation programs; more access to housing counseling and legal assistance programs; and development of short-term financial assistance programs,” the study concludes.
AARP calls for bolder actions from lawmakers to address these climbing trends. The study shows that minorities are the ones suffering the worst from the mortgage crisis and there should be a legal and organized way to rescue them from this debacle.
Read a copy of the report by clicking here. (PDF)
Image Credit: Photo by Jon Boyes/Getty Images
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