Report: Minorities Hit Hardest By Mortgage Crisis

A new report from the Federal Reserve Bank of Boston shows minorities in Massachusetts, especially blacks, have been disproportionately affected by the mortgage crisis.

According to the report, 15 percent of African-Americans and 10 percent of Hispanics who took out a subprime mortgage in 2005 had lost their homes to foreclosure by 2007.

Those figures compare to about seven percent of white subprime borrowers who lost their homes.

The report says subprime borrowing did not increase the number of minority homeowners, but rather generated turnover among minority sellers and buyers.