Press Release

For Immediate Release – June 18, 2009 

WCVI Releases White Paper on Latinos, Blacks, and the Home Mortgage Foreclosure Crisis

Paper Analyzes Latino, Black Homeownership and Makes Policy Recommendations to Save Homes; Improve Economy

Contact: Steven Ochoa, 323-222-2217, sochoa@wcvi.org

Download the Paper

LOS ANGELES – Today, the William C. Velasquez Institute (WCVI) released its latest White Paper, focusing on the current Home Mortgage Foreclosure Crisis.

Entitled “The End of the American Dream for Blacks and Latinos: How the Home Mortgage Crisis is Destroying Black and Latino Wealth, Jeopardizing America’s Future Prosperity and How to Fix It,” the research paper examines the current destruction of minority wealth and how if left unaddressed it will impede America's economic recovery. The report also presents a policy proposal to end the crisis while keeping people in their homes and laying the groundwork for sustainable growth in home ownership and the economy again.

“This study proposes a practical solution that will help all affected by this Home Mortgage Crisis,” said WCVI President Antonio Gonzalez. “The current housing predicament is disproportionately destroying the home ownership and the American Dream among Latinos and Blacks, and must be addressed if America's economy is to recover in the near term.”

The WCVI White Paper, authored by Dr. Raul Hinojosa, Albert Jacquez, and Dr. Paule Cruz Takash documented how after the largest growth in home ownership in history during over the last 15 years, Blacks and Latinos are suffering their largest loss in wealth (over 200 billion dollars during the last three years) in modern history. This disproportionate loss threatens not only their ability to achieve the American Dream but also will cause a second collapse in the

national economy if left unaddressed by President Obama and Congress.

“This study demonstrates how the Black and Latino housing mortgage experience is crucial for understanding both the origins and resolution of the current crisis in a way that establishes a prosperous middle-class based economic recovery,” said Dr. Raul Hinojosa, co-author of the study. “In essence this crisis raises the fundamental policy questions for recreating the United States as a middle class economy in the 21st Century.”

Added co-author Dr. Paule Cruz Takash, “The solutions proposed are focused on creating, expanding and transmitting wealth not only between generations but in the context of a dramatic changing ethnic and racial composition and housing markets in the US over the next decades.”

"This study examines the impact of the current housing crisis on Blacks and Latinos and proposes timely and sensible policies to reverse the historic loss wealth and help facilitate the growth of our next generation of homebuyers," said co-author Albert Jacquez.

To view the complete white paper, Download Here

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WCVI is a national nonpartisan, nonprofit policy and research organization. Founded in 1985, WCVI is focused on issues relevant to America's racial and ethnic minority groups. WCVI has offices in San Antonio, Texas and Los Angeles, CA.

 

 

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