State of the Dream 2008: Foreclosed
Brooklyn, NY (PRWEB) February 13, 2008
Rocco Basile, a project manager for Basile Builders is joining a group of other specialists including Legacy Financial, the law offices of Daniel Boldi, Esq., L.I. Business Consultants, Amenity Appraisals and Ameraprise Financial to hold a free seminar about the subprime lending crisis at 7 PM on February 19 at The Knights of Columbus, Brooklyn, New York.
The subprime market crash has affected minority neighborhoods all over the U.S. because they were heavily targeted for risky high cost loans. With millions of Americans suffering from rising mortgage payments due to adjustable rates, balloon payments and other unscrupulous sub-prime programs, many people are panicking as they hear know of other family members and friends who are losing their homes.
According to a study that was put out by United for a Fair Economy, a Boston-based economic policy group minorities are at the center of the subprime mortgage crisis. The "State of the Dream 2008: Foreclosed" report evaluated subprime lending during the past eight years and projects a direct loss from defaulted subprime loans to range between $365 billion and $605 billion.
Whites hold 55 percent of the bad subprime loans, while minorities hold the other 45 percent, according to estimates. African-American borrowers are projected to lose between $71 billion and $122 billion, which is about 20 percent of the total projected losses. Latinos will lose $76 billion to $129 billion for the same period, about 21 percent of the subprime default burden.
"It's pretty bad here in New York in places like Brooklyn which has a higher number of minorities," said Rocco Basile, product manager for the Basile Builder's Group. "It's our goal to help answer questions because our community needs advice and guidance."
According to this January 26th Bloomberg subprime article, the communities of Bedford-Stuyvesant and Crown Heights had a foreclosure rate of almost four times the national subprime figure of 6.89 percent, which was the highest since March 2003.
These sharp increases in subprime mortgage loan delinquencies and in the number of homes entering foreclosure do raise important economic, social, and regulatory issues.
For more information on the Feb. 19th free seminar, contact Jonathan at 516-404-5855.
About Rocco Basile:
Rocco Basile graduated from Brooklyn, New York-based Xaverian High School, then received a degree in Accounting from New York University (1990) and attended graduate courses at St. John's University for Finance. Rocco Basile sits on the Board of Directors of both Children of the City and the Joe DiMaggio Committee for Xaverian High School, his Alma Mater. He currently works in his family's business, The Basile Builders Group, and is married with two daughters.