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The process by which a lender seizes the property of a borrower who defaults. In the context of this book, this specifically refers to a bank taking away someone’s house when one fails to pay one’s mortgage.
Foreclosure Quotes in The Color of Law
The The Color of Law quotes below are all either spoken by Foreclosure or refer to Foreclosure. For each quote, you can also see the other terms and themes related to it (each theme is indicated by its own dot and icon, like this one:
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Chapter 7
Quotes
The consequences of racially targeted subprime lending continue to accumulate. As the housing bubble collapsed, African American homeownership rates fell much more than white rates. Families no longer qualify for conventional mortgages if they previously defaulted when they were unable to make exorbitant loan payments; for these families, the contract buying system of the 1960s is now making its return. Some of the same firms that exploited African Americans in the subprime crisis are now reselling foreclosed properties to low- and moderate-income households at high interest rates, with high down payments, with no equity accumulated until the contract period has ended, and with eviction possible after a single missed payment.
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Foreclosure Term Timeline in The Color of Law
The timeline below shows where the term Foreclosure appears in The Color of Law. The colored dots and icons indicate which themes are associated with that appearance.
Chapter 4: “Own Your Own Home”
...concrete wall” between them and got his loan approved. When homeowners defaulted and the FHA foreclosed on their homes, it ensured that only “real estate brokers who refused to sell to...
(full context)
Chapter 7: IRS Support and Compliant Regulators
...into them. But this was a lie: borrowers saw their homes’ value stagnate, and were foreclosed upon instead.
(full context)
...collapse has hurt African American people much more than white people. Anyone with a previous foreclosure, even on a subprime mortgage, cannot get a mortgage ever again. Instead, they are forced...
(full context)
