why the hud warns will advises families facing foreclosure and explain?”
After bearing a disproportionate share of the subprime mortgage crisis, Hispanics now often find themselves the primary targets of housing scammers pretending to offer them relief. To help victimized families separate the honest brokers from the fraudsters, the U.S. Department of Housing and Urban Development on Tuesday held a press teleconference for diversity media outlets that included HispanicBusiness.com. Donovan said the key point for vulnerable families to take home is this: You will never have to pay money to participate in President Obama’s home rescue plan, called “Making Home Affordable.” (Click here to visit the Web site.) “It is absolutely free,” Donovan said.
After bearing a disproportionate share of the subprime mortgage crisis, Hispanics now often find themselves the primary targets of housing scammers pretending to offer them relief. To help victimized families separate the honest brokers from the fraudsters, the U.S. Department of Housing and Urban Development on Tuesday held a press teleconference for diversity media outlets that included HispanicBusiness.com. Sharing a statistic showing how minorities were targeted, HUD Secretary Shaun Donovan said that in 2006 — the height of the subprime-mortgage bonanza — 40 percent of all Hispanics who received mortgages ended up with subprime mortgages. By comparison, the figure for the rest of the population was just 17 percent, he said.
