The distribution of debt relief is also cause for concern, including SILS attorney Joseph Sant, who is quoted in the piece. Sant warns that the settlement benefits will likely pass over communities of color that were hit hardest by predatory mortgage lending.
From the article:
The focus on bank-owned, or "portfolio" loans, concerns Joseph Sant, an attorney at Staten Island Legal Services in New York City. These borrowers are more likely to be white and middle class than the troubled homeowner population at large, and less likely to be minorities and immigrants, who were disproportionately subjected to abusive lending practices, he said.
"Portfolio loans tend to be made to prime borrower populations that skew white middle class, while nonprime mortgages are generally securitized and skew non-white, immigrant, or non-native English speaking," Sant stated in an email.
Read the whole article at The Huffington Post.