Hispanics and the Generation of Foreclosures
No one has been spared the indignity of suffering through a foreclosed home. Hispanics, a big chunk in the population of minority groups in the United States, is having one of the most difficult times in their lives.
They came to the United States with the dream of escaping the stagnant and hard life in their native countries. To get good jobs, earn good money, buy homes for their families. Good homes. With the present economic crisis, more than 1.3 million Hispanic families will lose their homes due to foreclosures between 2009 and 2012. More than one million Hispanic employees lost their jobs.
What impact does this have on their families? Their lives? Their children? Since the recession began in December of 2007, the Hispanics has experienced the largest increase in unemployment compared to any other minority group in the population. And there seems to be no light at the end of the tunnel for them.
American taxpayers are footing the bill for the bailout of Fannie Mae and Freddie Mac, Wall Street, AIG, just to name a few. The taxpayers are staying home, keeping their meagre savings close so as not to experience a lack of funds when the strike finally comes. While the government is spending money like there is no bottom to the pit it has dug itself into. It does not help that the same companies that have caused the crisis are shelling out billions of dollars for executive bonuses.
Strange as it seems, the statistics on unemployment is not even all fact. Most of those whose unemployment has run out are still unemployed. So the statistics are wrong. Unemployment is at an all time high, if not higher. And the Hispanics are the hardest hit.
As the working people are hit with unemployment, shattered dreams, possible foreclosures, their family lives are greatly affected. With the breadwinners experiencing anxiety, feelings of guilt and depression, their children are greatly affected too. There are considerable and palpable behavioural changes in children, their academic performance are falling due to the ripple effect of anxiety and depression from their parents.
With more than seven million families facing delinquent mortgages, the chances of redemption are slim. There are no government backed bailouts for them. They are not Wall Street. They may be considered expendable. The only lifelines most of these families have are the government benefits that they now rely on.
What does the future hold for these families? What bailout can the government propose to ease the hardship? So far, again there are no concrete solutions. The Hispanics are a resilient people. They will survive, but at what cost?
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