gaithersblog.net

Goings on in Gaithersburg, Maryland

March 19th, 2007

Hazleton trial, day six (Update 2)

March 19th, 2007

Subprime Mortgage Crisis & Hispanics

Mocoprogressive has a post up about how the crisis in the market for subprime mortgages could have a particularly big impact on the Hispanic community — as many as 40% of subprime mortgages are held by Hispanics. As Gaithersburg has a particularly large population of Hispanics (nearly 20% of the population of Gaithersburg was Latino as of seven years ago), could this be hitting Gaithersburg particularly hard? I found an interesting interactive map here [it was linked from this page, which also has an interesting paper on the geographic distribution of subprime mortgages, and links to several more useful maps] which shows Percent of conventional home purchase mortgage loans by subprime lenders in USA. If you zoom in on Maryland, and then on to Montgomery County, you can see that Gaithersburg and Wheaton are the most vulnerable localities in the County. However, as you were doing all that zooming, you probably did notice that this is nothing compared to the situation in Prince George’s, Eastern Charles and St. Mary’s Counties, where in much of those areas as many as 10% to more than a quarter of all conventional home purchase mortgage loans are from subprime lenders. This does not, however, correlate strongly with the map of Latino population in those areas.