Make Money in Short-Sale Foreclosures: How to Bypass Owners and Buy Directly from Lenders By year’s end an estimated 3 million of them will lose their homes. Disproportionately, they will be black and Latino, an unfortunate effect of the marketing practices of subprime brokers and lenders. Home Mortgage Disclosure Act data from 2005 reveal that more than 50 percent of black and 46 percent of Latino home buyers received subprime loans, compared to 17 percent of white borrowers. Many of the minority borrowers could have qualified for more favorable terms. Though the softening of the home market and the rise in interest rates have affected all homeowners to some degree, they have a profound impact on those who hold subprime loans. These high-risk loans go to borrowers with marginal credit, many of whom have already refinanced to the point they have no equity.

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