Feeling the toll of foreclosure
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KALW 91.7 FM:
February 8, 2011
Since the country’s foreclosure crisis began in 2007, at least two million people have lost their homes. In the Bay Area, more than 70,000 homes are currently in some stage of foreclosure. And even though the economy might be getting better, they’re still happening.
Both here and around the country, these foreclosures are disproportionately affecting low-income and minority communities. These communities are less likely to have a financial safety net, who are more likely to have been targeted by predatory lenders. Preeti Vissa works for Greenlining, a nonprofit in Berkeley tracking the effects of the crisis across the nation.
PREETI VISSA: At this point half of all foreclosures in California are going to be among Latino borrowers, two-thirds among communities of color. We’re worried that it’s going to be devastating in terms of building wealth for communities and watching this wealth g...
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