theGrio

Back to the Top

Main menu

Skip to primary content
Skip to secondary content
  • Home
  • Entertainment
    • Music
    • The Dish
  • Health
    • Ask Dr. Ty
    • Black Men’s Health
    • Black Women and Breast Cancer
    • Back to School Health
  • Living
    • Travel and Leisure
    • Living Forward
    • Books
  • Politics
    • Perry on Politics
  • Sports
  • News
    • Good News
  • Opinion

Red, Black & Blue

High foreclosure rates could permanently damage black credit scores

by theGrio | July 10, 2012 at 8:31 AM
Comments
Print
Spencer Platt/Getty Images News

Spencer Platt/Getty Images News

Related Posts

  • African-Americans and credit scores: How the mortgage meltdown permanently impacts many blacks' finances
  • Foreclosure rates up by smallest amount in years
  • Dropout rate for Calif. black students hits 37 percent
  • Changes to student loan program threatens future of black students, HBCUs
  • African-American unemployment: Connected to low high school graduation rates?

The high rates of home foreclosures among African-Americans could damage the credit scores of a generation of blacks and make it harder for them to borrow money for a car, college or other expenses, the Washington Post reported this week.

“For blacks, the picture since the recession has been particularly grim. They disproportionately held subprime mortgages during the housing boom and are facing foreclosure in outsize numbers. That is raising fears among consumer advocates, academics and federal regulators that the credit scores of black Americans have been systematically damaged, haunting their financial futures,” writes the Post‘s Ylan Mui.

She adds, “Groups such as the NAACP and the National Urban League worry that stories such as Whitley’s are signs that the nation’s financial crisis has ushered in a new era of de facto economic segregation. Some community leaders are calling the rebuilding of wealthy in black communities the next frontier for civil rights.”

  • Sister Shirley Kimball, an African-American Mormon who attends a chapel in Baltimore, helps the needy through a church clothing exchange. (Photo Credit: Kathy Slater)
    Next Story:

    For black Mormons, presidential race brings new attention

  • Attorney General Eric Holder
    Previous Story:

    Eric Holder to speak at NAACP convention in Houston

Filed in: Business, Politics | Related Topics: Black Unemployment, Mortgage Crisis
  • Learn about our User Panel

    Read More
  • New Stories on theGrio

    • Venus Williams previews French Open dress Venus Williams previews French Open dress
    • Chief Keef threatens to slap Katy Perry via Twitter Chief Keef threatens to slap Katy Perry via Twitter
    • Warrant for rapper Tim Dog, despite death reports Warrant for rapper Tim Dog, despite death reports
    • Pa. woman convicted in fiance’s wedding day death Pa. woman convicted in fiance’s wedding day death
    • Mayoral candidate ‘endorsed by Jesus’ finishes last
    • First lady: ‘I have failed at things’
    • Is hip-hop finally over molly?
    • 4 boss moves to make during Memorial Day weekend
  • What Your Friends Are Reading

  • More from theGrio

More Stories on theGrio

Top News

Politics

  • Transportation Secretary nominee, Charlotte, N.C. Mayor Anthony Foxx testifies on Capitol Hill in Washington, Wednesday, May 22, 2013, before the Senate Commerce, Science and Transportation Committee hearing on his nomination. (AP Photo/Manuel Balce Ceneta)

    Anthony Foxx receives warm reception from senators

  • Obama cites new framework for terror war

  • Obama's 1979 prom photo, yearbook note to 'foxy' friend unearthed

  • Are the Obamas too critical of black Americans?

» Read More in Politics

Business

  • An elderly black couple. © poco_bw – Fotolia.com

    Black Americans retiring earlier, with less savings

  • BlackStartup.com seeks to uplift black businesses

  • Payday loans: A debt trap in disguise

  • Tiger Woods makes a comeback on the course, and in video game sales

» Read More in Business

Living

  • mcdonalds_lottery 1x9

    McDonald's can't shake criticism about nutrition

  • Beyoncé and Rent The Runway launch 'The Beyoncé Boutique'

  • Homeless teen graduates as valedictorian of high school class

  • Memorial Day staycation hotspots!

» Read More in Living

Inspiration

  • Television journalist Robin Roberts poses with her Peabody at the 72nd Annual Peabody Awards at the Waldorf-Astoria on Monday, May 20, 2013 in New York. (Photo by Evan Agostini/Invision/AP)

    Robin Roberts to write memoir about illness

  • Charlotte remembers 1963 desegregation 'eat-in'

  • Tornado survivor saved by teacher

  • Obama speech makes Morehouse grads 'proud'

» Read More in Inspiration

Entertainment

  • Kanye West  (Photo by Pascal Le Segretain/Getty Images)

    The top 5 rap lyrics of the week

  • UK rapper live tweets London knife attack

  • Darius Rucker rides 'Wagon Wheel' to top of charts

  • Janet Jackson officially hits billionaire status

» Read More in Entertainment

News

  • ST LOUIS, MO - SEPTEMBER 16: Quarterback Robert Griffin III #10 of the Washington Redskins watches from the sidelines during the game against the St. Louis Rams at Edward Jones Dome on September 16, 2012 in St Louis, Missouri. (Photo by Jamie Squire/Getty Images)

    Robert Griffin III still aiming for Redskins' opener

  • UCLA awarded $10M grant to study autism in African-Americans

  • Chinua Achebe honored in Nigeria funeral

  • Zimmerman wants Trayvon's pot use referenced

» Read More in News

Main menu

Skip to primary content
Skip to secondary content
  • Politics
  • Living
  • Video
  • Inspire
  • Health
  • Entertainment
  • News
  • Terms of Service
  • Privacy Policy
  • Advertise with TheGrio
  • About
©2013 NBCUniversal
Powered by WordPress.com VIP