Simmons' Hip Hop Summit to address mortgage crisis
Russell Simmons announced plans yesterday for his Hip-Hop Summit Action Group to team up with Chicago mortgage guru Lynn Richardson and other financial experts to address some pressing economic issues.
Richardson recruited Simmons due to her concerns over the foreclosure crisis affecting minority communities. The Center for Responsible Lending estimates that foreclosures will cost African-Americans over $122 billion and Latinos over $98 billion. An NYU study estimated that black borrowers are four times more likely, and Hispanic borrowers three times more likely, to receive subprime loans than white borrowers.
Simmons’ “Get Your House Right” program plans to hold events around the country to address these issues in the coming months.
Posted by Mike Denslow at Sep 09, 2008 09:40 PM