The economic security of the African-American and Latino middle class is endangered by insufficient assets and high housing costs, according to a new study by Demos and the Institute on Assets and Social Policy at Brandeis University. Entitled "Economic (In)Security: The Experience of the African American and Latino Middle Classes," the report found that the "vast majority" of middle class African-American and Latino families "are either borderline or at high risk of falling out of the middle class altogether." Only 26% of African-American and 37% of Latino middle-class families spend less than 20% of their after-tax income on housing, compared with a national average of 40%, the study says. Jennifer Wheary, a Demos senior fellow and co-author of the report, said the mortgage crisis is having a disproportionate impact on African-American and Latino middle-class families because they are far more dependent than whites on homeownership to facilitate asset accumulation and far more likely to have been caught in the subprime loan trap.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18