October 27, 2016
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Florida Congressional Leaders Grade Each Other On Subprime Loans

(see data below to see how Florida congressional representatives graded with each other on subprime loans)

The economic crisis was a result of derivates that manipulated and bundled subprime home loans with prime home loans.  This manipulation of derivates was allowed under the Gramm-Leach-Bliley Act (Financial Services Modernization Act of 1999) that repealed part of the Glass-Steagall Act of 1933.


Wall Street Reform is now upon our Congressional leaders once again.  FMCRC is calling upon the Florida Congressional delegation to understand that subprime lending is a necessary economic tool that is supposed to be utilized as a stepping stone to prime lending for Florida’s minority and under served families.  But due to the massive amounts of capital directed towards subprime derivates during the past ten years, it served as a predatory jail to ensure that Florida’s minority and under served families were never allowed to grow their asset base due to the nature of predatory lending that engulfs all discretionary income of these families.


Our Congressional representatives of Florida must be held accountable.  It is our hope that the data below will provide our Congressional delegation with information that will increase there sensibility to the suffering of our fellow Floridian’s.  Florida minorities account for over 40% of Florida’s population, yet account for only a fraction of its GDP.  In short, the inability for Florida minorities to consume at a greater rate hurts our entire economy. Now that Florida no longer enjoys the luxury of significant population growth, minorities MUST be given the tools and resources (including capital) that will enable them to contribute to the economic growth of Florida and hence build a strong and vibrant economic foundation for the future.


The focus of data is from 2004-2006 during the economic boom years.  Data highlights:


1)       Whites had more subprime loans that minorities

2)       Blacks and Latinos had the largest % buildup of subprime loans and the highest average spreads

3)       In each year, subprime rate loans were increasingly originated in higher proportion in census tracts that are inhabited by minorities


Congressional Districts with >10,000 2006 Subprime Rate Loans at higher risk of defaults and foreclosures:


                                                            #Prime Loans   #Subprime Loans   %Subprime


FL-23 Alcee Hastings                           26,141             19,637                         43%

FL-25 Mario Diaz-Balart                     43,908             19,401                         31%

FL-17 Kendrick Meek                         17,000             17,596                         51%

FL-03 Corrine Brown                           20,601             15,050                         42%

FL-14 Connie Mack                             26,370             14,071                         35%

FL-12 Adam Putnam                            22,031             13,950                         39%

FL-20 Debbie Wasserman-Schultz      25,805             13,851                         35%

FL-21 Lincoln Diaz Balart                   18,463             13,327                         42%

FL-08 Rick Keller                               26,113             13,125                         33%

FL-19 Robert Wexler                          26,036             13,125                         34%

FL-15 Dave Weldon                            24,870             12,774                         34%

FL-11 Kathy Castor                            18,014             12,761                         42%

FL-24 Tom Feeney                              28,387             12,482                         31%

FL-22 Ron Klein                                  28,815             12,179                         30%

FL-16 Mark Foley                               23,176             11,565                         33%

FL-16 Tim Mahoney                            23,176             11,565                         33%

FL-18 Ileana Ros-Lehtlin                    17,706             11,327                         39%

FL-05 Ginny Brown-Waite                   25,461             11,262                         31%

FL-07 John Mica                                 25,726             10,954                         30%



Congressional Districts with >3,000 Black Subprime Rate Loans


                                                   #Black Prime    #Black Subprime        %Subprime


FL-23 Alcee Hastings                           6,406               7,995                        56%

FL-17 Kendrick Meek                         5,054               6,787                        57%

FL-03 Corrine Brown                           3,440               5,690                        62%



Congressional Districts with 60% Black Subprime Rate Loans and >1,000


                                                   #Black Prime    #Black Subprime          %Subprime


FL-03 Corrine Brown                          3,440               5,690                           62%

FL-11 Kathy Castor                            1,823               2,989                           62%




Congressional Districts Impacted By High Subprime Rate Lending To Blacks


                                                            #Black Subprime          %Subprime


FL-23 Alcee Hastings                           9,397                           54.6%

FL-17 Kendrick Meek                         7,782                           56.8%

FL-03 Corrine Brown                           6,814                           57.5%



Congressional Districts with >4,000 Latino Subprime Rate Loans


                                                  #Latino Prime   #Latino Subprime         %Subprime


FL-25 Mario Diaz-Balart                      16,505             14,839                         47%

FL-21 Lincoln Diaz-Balart                    12,405             9,623                           44%

FL-17 Kendrick Meek                           6,056               6,783                          53%

FL-20 Debbie Wasserman Schultz        7,621               5,519                          42%

FL-14 Connie Mack                               3,565               4,779                          57%

FL-08 Rick Keller                                  5,474               4,670                          46%

FL-23 Alcee Hastings                            5,637               4,622                          45%

FL-19 Robert Wexler                            5,378               4,229                          44%

FL-15 Dave Weldon                              4,567               4,028                          47%



Congressional Districts with >50% Latino Subprime Rate Loans


                                                    #Latino Prime   #Latino Subprime         %Subprime


FL-14 Connie Mack                            3,565               4,779                           57%

FL-17 Kendrick Meek                        6,056               6,783                           53%

FL-11 Kathy Castor                            3,420               3,795                           53%



Congressional Districts Impacted By High Subprime Rate Lending To Latinos


                                                            Latino Subprime           %Subprime


FL-17 Kendrick Meek                         7,851                           51.5%

FL-14 Connie Mack                             6,284                           54.1%

FL-11 Kathy Castor                             4,939                           51.3%



Congressional Districts Impacted By High Subprime Rate Lending to Whites


                                                            White Subprime            %Subprime


FL-07 John Mica                                 2,823                           33.1%

FL-03 Corrine Brown                          2,729                           35.4%


Source: LendingPatterns (ComplianceTech)


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Please direct all questions, concerns, comments, and media inquiries to:
Email:    Porfiria Ramirez 

2302 W. St Louis Ave Tampa FL 33607 
(941) 284-0688

Civil Rights and legal issues or comments to:
Reginald J. Clyne
Clyne & Self, P.A./Civil Rights Attorney
814 Ponce De Leon Blvd #210
Coral Gables, FL 33134

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