(see data below to see how Florida congressional representatives graded with each other on subprime loans) Wall Street Reform is now upon our Congressional leaders once again. FMCRC is calling upon the Our Congressional representatives of 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
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of derivates was allowed under the Gramm-Leach-Bliley Act (Financial Services Modernization Act of 1999) that repealed part of the Glass-Steagall Act of 1933.
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
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
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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