Subprime seriousness.
"Foreclosed: State of the Dream 2008," a report from the Boston-based organization United for a Fair Economy, explains how the subprime mortgage debacle may lead to the greatest loss of wealth for people of color in modern U.S. history. "Leaving homeownership to the dictates and uncertainty of the
* 60 percent: The amount of the total wealth held by U.S. middle-class families that resides in their home equity.
* 7.2 million: The number of U.S. families that hold subprime mortgages. For mortgages made in 2005-06, one in five will result in foreclosure.
* 79 percent: The percentage of African Americans who are "asset poor"--having less than a three-month financial buffer--compared to 40 percent of whites who are asset-poor.
* 15 cents: The amount of wealth for people of color in the U.S. for every dollar of white wealth.
* $164 billion to $213 billion: The estimated loss for people of color due to subprime loans secured during the past eight years.
Source: "Foreclosed: State of the Dream 2008" (United for a Fair Economy).
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