The Destructive Legacy of Subprime Mortgages in Latino/a Communities
This chapter concludes the discussion of the history of loss in Latino/a housing with an overview of the recent subprime mortgage crisis—after decades of exclusion, Latino/as flirted briefly with artificial jumps in lending approvals and consequent homeownership that gave way to the tragedy of foreclosure and loans prone more to abuse than to improve the health and wealth of the Latino/a community. Mortgage lenders play a vital role in access to homeownership, but they have not always been Good Samaritans. Rather, historically they contributed to the exclusion of Latino/as and other minorities from the American dream through techniques of housing discrimination, most recently by the reverse redlining of promoting sometimes abusive subprime mortgage loans to borrowers of color.
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