Educational Media Reviews Online

Primetime: Fighting Back Against Foreclosure follows the stories of two women from Queens, New York as they struggle to keep their homes. Karen Smith, an African American, and Martha Espinoza, a Latina, were both victims of predatory lending practices. Espinoza purchased her property at a “One Stop Shop,” a real estate company that owned the house, did the appraisal, got the mortgage, did the inspection, and provided the lawyer. After she settled in, she found the home was riddled with serious structural damage, and that she had paid a price far above market value. She did ultimately win a judgment against the realty company, but she remains trapped in a home that is “under water,” with a value far below what she owes on her mortgage.

In 1995 Karen Smith began purchasing the apartments in her building. Over time she purchased all eight units. She had a five year mortgage at a fixed rate with a possible five year extension, but when both her mortgages were bought by outside investors, they demanded full payment. When she was unable to comply, her home was foreclosed and sold at auction. She has since refused to leave and is counter-suing the bank and the mortgage company.

Sub-prime mortgages are the next iteration of the now illegal practice of “redlining,” marking off areas in a city where bankers and others refused to provide services because they deemed the risk to high. Women are 41% more likely to get sold a sub-prime deal, and since the loans target minorities, the current foreclose debacle has had a disastrous effect on the economic well being of minority communities. It is estimated that people of color have lost somewhere in the range of $164 to $213 billion. This film does an excellent job of explaining the sub-prime market, and how lack of regulation allowed this market to flourish.

Primetime: Fighting Back Against Foreclosure includes useful information about resources available to those caught up in the foreclosure process and would be a very valuable addition to public library collections, especially those located in areas of high foreclosure rates.