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3Stopping Foreclosures and Predatory Lending

In the last decade of the 20th century and the first decade of the 21st, there seemed to be significant progress in home ownership, especially among minority and lower-income households. But in the blink of an eye, most of the gains for minorities in home ownership over the last twenty years have been wiped out by the crises in the subprime lending sector.1 Current estimates that another 5 million to 10 million homeowners are in danger of foreclosure underscore the dimensions of this crisis in home ownership.

Bizarrely, some of the rhetoric of the 2008 presidential campaign tried to target the Community Reinvestment Act (and even ACORN!) as culprits for the meltdown in housing and the excesses ...

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