HUD studies from property foreclosure started in Baltimore City means that property foreclosure off subprime money are centered throughout these same section
The results of one’s analysis off foreclosures petitions when you look at the Baltimore are similar to results from analyses of foreclosure various other metropolises. The new vital results are as follows:
To summarize, so it investigation of foreclosure when you look at the Baltimore suggests that property foreclosure on the money initiated because of the subprime lenders try centered from inside the reasonable-income and you may black colored communities
- Subprime money got a beneficial disproportionate share regarding foreclosures inside Baltimore City’s low-earnings communities. Subprime loans accounted for fifty percent from foreclosure petitions in the reasonable-money Baltimore City communities compared to the 24 percent to have perfect and you may 25 % having FHA. The new subprime express regarding pick and re-finance originations in reasonable-money Baltimore Area neighborhoods is actually 33 percent compared to the 37 percent to possess best and twenty-seven % to cash loans in New York have FHA. (Come across Profile ten.)
To conclude, that it investigation from property foreclosure for the Baltimore means that foreclosures with the finance initiated from the subprime loan providers are focused during the lowest-income and you will black communities
- Subprime money got a beneficial disproportionate express from foreclosures in Baltimore City’s mainly black colored communities. Subprime funds accounted for 57 per cent regarding foreclosures for the mainly black neighborhoods compared to 24 per cent having perfect and you can 18 % to own FHA. The new subprime display of get and refinance originations within the mainly black colored Baltimore Area neighborhoods is actually 42 percent than the 36 per cent to have primary funds and you can twenty two per cent to possess FHA loans. (Find Contour 11.)
To conclude, which data from property foreclosure into the Baltimore signifies that foreclosures on finance started from the subprime loan providers is actually focused within the low-income and you can black colored neighborhoods
- Subprime financing resulted in property foreclosure throughout a shorter time frame once origination than just perfect and you will FHA money. Read more
