[Editor's note: This is a guest post by Nancy Matthis of ADMC]
The role of Hispanic immigrants in precipitating the mortgage meltdown is obvious. Media outlets have been skirting the subject, presenting individual cases as victims deserving of sympathy.
One such article appeared in the Washington Post, describing the shattered hopes of an Hispanic woman:
‘My House. My Dream. It Was All an Illusion.’
Latina’s Loss in Va. Epitomizes Mortgage Crisis
By Brigid Schulte
Saturday, March 22, 2008
Despite her poor credit, Honduran immigrant Glenda Ortiz easily got a subprime loan for this Alexandria home, bought in 2005 for $430,000. It was foreclosed on last year….
She looked at only one house and paid too much for it: $430,000 for a run-down, one-story duplex in Alexandria, triple what the house had sold for the year before, and $5,000 more than the asking price, according to real estate records.
She agreed to a high-interest loan that would cost her more than $3,000 a month, more than 70 percent of the $4,200 that she and her husband brought home monthly.
She signed papers in English that she didn’t understand….
The four-page article details how she was duped by other Hispanics, craftier than she was, who used their credit to secure a mortgage for which she was liable.