Martin Luther King’s ‘Dream’ Foreclosed

The subprime-mortgage crisis will cost black and Hispanic homeowners up to $256 billion – the worst financial hit for minorities in modern U.S. history, a new study finds.

“The dream that Martin Luther King Jr. once spoke of has been foreclosed,” Boston-based United for a Fair Economy wrote in a report set for release to coincide with today’s 79th anniversary of King’s birth.

Analyzing previously released research on the subprime meltdown, the report projected blacks will lose $71.5 billion to $121.6 billion on high-cost mortgages taken out in the past eight years. Hispanics will forfeit another $75.8 billion to $128.9 billion.

That’s the “greatest loss of wealth for communities and individuals of color in modern U.S. history,” researchers wrote.

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