Recently, researchers have advocated for bringing perspectives of race and wealth to studies of racial health disparities. Specifically, this study takes a new approach to understanding the health effects of recessions by considering the long-reach of deregulation policies on the subprime mortgage market and foreclosures. Pointing to a reconsideration of traditional class-based approaches in studies of race and health, the analysis suggests some basic mechanisms linking the political economy of the mortgage market to ethnoracial disparities in health by status and context.