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Our foreign neighbor Canada is known for producing unforgettable musical talent like R&B singer/songwriter/actress Deborah Cox, who swore to us…
In the world of gossip, talk ain’t cheap…
What is it about gossip that draws us in? Better yet, how many…
The value system that our society maintains ceases to amaze me. In this crazy world of ours people who deal…
Sylvia Arthur sets out a few inspirational and enlightening facts to get your minds in gear to explore the big…
Ever since Rodney Parker chased me round the playground of P.S.139, past the teeter totter, through the sandbox, all up…
Imagine this…
You’re headed home after a long drawn out lecture in your evening college class. Cruising down the highway in…
A celebrity is a famous person.
A famous person is one who has a widespread reputation usually of a favorable nature.
A…
“No industry is black-owned. Actually, the (NBA) Player’s Association gets 49 percent of the revenue, since most players are black.…
This issue of The Colorful Canvas Files is brought to you by a living legend whose contributions have led to a significant…
Many of us set out to find that Mr. Right, but for some, he is always seemingly attached to some…
My shrink said the strangest thing to me in therapy once. She said she was sorry she’d monopolized so much…
Q: I am going back home for the holidays and want to wow my friends and family with a glamorous…
With Hollywood for years being a haven for the long-haired blond and brunette, it’s hard to be a sex symbol…
We’re only human and equally subject to the chronic brainwashing that inevitably instills varying degrees of bigotry. Racism, sexism, homophobia,…
Times are hard especially financially, however, my girlfriend does not seem to realize the whole world is undergoing something called…
I remember exactly where I was that night that history was made. I was fast asleep in my bed and…
It was proven best in the fashionable documentary The September Issue, that Fall is the New Year’s of fashion. Fashion…
I vividly remember the day I got my first relaxer. I was 7 years old, and there I sat in…
Minorities hit hardest by housing crisis
By Dana Ford LOS ANGELES (Reuters) – In May, Alvin Clavon received a foreclosure notice on the simple, Spanish-style house in South Los Angeles that he shares with his wife and three boys. Clavon bought the place in 2003 with a fixed-rate loan. They painted the walls, fixed the yard and made friends with the neighbors, who let the Clavon boys pick their basil.
In 2005, he worked with a mortgage broker to refinance his home with another fixed-rate loan. But on the night before signing, the family was offered an interest-only, adjustable-rate mortgage. Clavon, a 35-year-old executive assistant at a bank, said he felt stuck. The ball was rolling, he trusted his broker and so the next day, he signed the loan. “Turned out to be the worst thing I could have done,” said Clavon, who like so many others in danger of losing their home to the U.S. housing crisis, is African American.
The Clavons live in a zip code, 90047, with one of the largest black populations in the city, and also one of the highest rates of foreclosure — a common combination. Researchers agree minorities are more likely than whites to get high-cost mortgages, but analysts can’t agree why. Does the 90047 zip code have a high foreclosure rate because African Americans were forced into high-cost loans? Or is the area’s foreclosure rate the result of economics?
Either way, say some minority and housing activists, the fact that minorities are disproportionately hurt by lending practices in the United States is real — and so are its consequences.
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