Posted on 01/08/2009 11:10:19 AM PST by BGHater
Nearly one in 10 Latino homeowners fell behind in mortgage payments last year, and about 3 percent said they had received a foreclosure notice, a Hispanic research group reported Thursday.
The Pew Hispanic Center's survey of Hispanic adults found that 9 percent said they missed a mortgage payment or made a partial payment during the past year. Nearly half of respondents, 47 percent, indicated they were homeowners, a figure consistent with census data that shows 49.5 percent of Hispanics owned their homes in the third quarter of 2008.
Among Hispanic renters, 5 percent said they had lived in a home that went into foreclosure in the past year.
"Latinos are being impacted by the housing market downturn," said Mark Hugo Lopez, the center's associate director. "A significant share, 25 percent, for example, are worried their home might actually go into foreclosure next year."
The center's survey of 1,540 Hispanic adults, conducted in English and Spanish last November, has a margin of error of plus or minus 3 percentage points. Hispanics make up 15 percent of the U.S. population.
The strain felt by Hispanic homeowners seemed consistent with that of all U.S. homeowners. The Mortgage Bankers Association reported last month that a record one in 10 American homeowners with a mortgage was at least one month behind on payments or in foreclosure at the end of September 2008.
Lautaro Diaz, a housing expert for the National Council of La Raza, said it's likely the numbers of Hispanics having trouble paying mortgages will increase given the fact that financial institutions marketed subprime mortgages or "exotic" loan products heavily to minorities, and often advertised in Spanish language media.
The Pew study also found strong worry among Hispanics about their finances.
(Excerpt) Read more at businessweek.com ...
You’d think it would be affordable when the cost is spread among 20 or more, non-taxpaying illegals.
I’ll take this time to point out that Mexico does not permit people who are not Mexican citizens to buy property.
And, how many bought too much house than they could possibly ever pay for?
Then how would this be possible?
I told you guys two years ago that the subprime problem (which started all this) was an illegal alien problem and you would end up paying billions to fix it, and in return got lectures from amateur economists (actually, all economists are amateurs) about how stupid I was.
Now you will be paying to keep these poor illegals in their homes and out of the cold, but I was wrong about the billions - it turned out to be trillions.
And yesterday, LaRaza was in congress demanding a bailout for their ‘people’.
FOR IMMEDIATE RELEASE Contact:
January 5, 2009 Jackeline Stewart (202) 785-1670
NCLR PRESIDENT AND CEO JANET MURGUÍA TO TESTIFY BEFORE CONGRESS ON STRATEGIES TO REDUCE LATINO FORECLOSURES
Washington, DC—Janet Murguía, President and CEO of the National Council of La Raza (NCLR), the largest national Hispanic civil rights and advocacy organization in the United States, will warn Congress against leaving homeowners out of the remaining funds of the bailout bill in a hearing before the U.S. House of Representatives Financial Services Committee on Wednesday, January 7. The hearing on the remaining funds of the Troubled Asset Relief Program (TARP) will be presided over by Chairman Barney Frank (D-MA) and will take place at 10:00 a.m. in Room 2128 of the Rayburn House Office Building.
NCLR has urged Congress to include the millions of foreclosure-plagued American homeowners in last year’s $700 billion relief program, and it is disappointed that more than half of the TARP funds have been spent without providing assistance to homeowners facing foreclosure—an underlying cause of the economic crisis. NCLR believes that the economy demands a new, bold foreclosure prevention strategy, starting with a shift in the distribution of the remaining TARP funds.
MEDIA ADVISORY
WHEN: Wednesday, January 7, 10:00 a.m.
WHERE: Rayburn House Office Building, Room 2128
WHAT: Testimony of NCLR President and CEO Janet Murguía before the House Financial Services Committee
If you would rather not receive future email messages from National Council of La Raza (NCLR), let us know by clicking here.
National Council of La Raza (NCLR), Raul Yzaguirre Building 1126 16th Street NW, Washington, DC 20036 United States
______
And a note about this from an anti-illegal alien group:
On January 5th, The Wall Street Journal published a full-page plus article entitled “Housing Push for Hispanics Spawns Wave of Foreclosures”!
Isn’t it enough that La Raza has ripped off millions of OUR tax dollars with the federal grants to them AND Obama appointed Cecilia Munoz as Director of Governmental Affairs, now WE are supposed to bail out all THEIR illegal alien criminals?
And what does it mean Murguia will “warn” Congress? What will she do if they don’t agree - call out MS-13?
Please plan to be on the phone (toll-free 866/220-0044) to the Financial Services Committee first thing tomorrow DEMANDING that not one penny be awarded to ANY so-called “homeowner” who cannot provide legal status i.e. illegal alien !
Of course, I'd have to know what the overall average is of people who make payments. If 4 out of 10 Americans fail to make payments on time, this would suggest Latinos do better than the norm, whereas if only 5% of Americans miss payments, than they would be doing worse, etc.
Not taking into account whether these “Hispanics” are legal or illegal is a disingenuous lapse of reporting here. We have these 20-30 million illegals who have played a major and integral role in this collapse. I have little sympathy.
In the article it said that “a record one in 10 American homeowners with a mortgage was at least one month behind on payments or in foreclosure at the end of September 2008.” So it sounds like Latinos are in the same boat with the rest of us.
I don’t know what that says, page never loaded. Spun and spun and a minute later it was still beginning to try to load.
http://answers.yahoo.com/question/index?qid=20071108134441AAdTsik
How does a US citizen buy land in Mexico?
I have heard of so many people getting stung in Mexican real estate deals.
Yes, Americans and other foreigners may obtain direct ownership of property in the interior of Mexico. However, under Mexican law, foreigners cannot own property outright within the restricted zone. Instead, a real estate trust must be set up to hold title for the foreigner. Since foreigners are not able to enter into contracts in buy real estate, they must have a bank act on their behalf, much as a trust is use to hold property for minors because they also can not contract.
RENT
I’ll bet 99% of the 10% are illegals.
THANK you! I heard that on Rush the first time he played it and laughed until my sides hurt.
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