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Paying More for the American Dream - The Subprime Shakeout and Its Impact on Lower-Income and Minority Communities

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Paying More for the American Dream is a collaborative effort of seven state and regional research, policy, and advocacy organizations. This is the second such annual report focused on examining systematic inequalities in the housing finance system and the impact of these inequalities on lower-income and minority families and communities. The previous report, released in March 2007, examined mortgage pricing disparities found in a group of the country's largest mortgage lenders who offered both prime and subprime loans. It found that African American and Latino borrowers remain much more likely to pay more for their home purchase loans than white borrowers, and the pricing disparities found for this group of lenders were greater than the overall disparities found in the metropolitan areas examined. The current report looks at the geographic lending patterns of a set of now defunct subprime lenders whose loans largely fueled the foreclosure wave that is currently devastating communities across the country.

The authors hope these reports inform the debate around fair lending policy and access to responsible mortgage credit for lower-income and minority families and communities.