Race for Profit

Race for Profit

Author: Keeanga-Yamahtta Taylor

Publisher: UNC Press Books

Published: 2019-09-03

Total Pages: 364

ISBN-13: 1469653672

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LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD FINALIST, 2020 PULITZER PRIZE IN HISTORY By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion. Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining's end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation's first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind. Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.


A Dream Foreclosed

A Dream Foreclosed

Author: Laura Gottesdiener

Publisher: Zuccotti Park Press

Published: 2013

Total Pages: 210

ISBN-13: 1884519210

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A moving exploration of homeownership, freedom, and the American Dream in light of the ongoing financial crisis and mass foreclosure.


Places of Their Own

Places of Their Own

Author: Andrew Wiese

Publisher: University of Chicago Press

Published: 2009-04-24

Total Pages: 425

ISBN-13: 0226896269

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On Melbenan Drive just west of Atlanta, sunlight falls onto a long row of well-kept lawns. Two dozen homes line the street; behind them wooden decks and living-room windows open onto vast woodland properties. Residents returning from their jobs steer SUVs into long driveways and emerge from their automobiles. They walk to the front doors of their houses past sculptured bushes and flowers in bloom. For most people, this cozy image of suburbia does not immediately evoke images of African Americans. But as this pioneering work demonstrates, the suburbs have provided a home to black residents in increasing numbers for the past hundred years—in the last two decades alone, the numbers have nearly doubled to just under twelve million. Places of Their Own begins a hundred years ago, painting an austere portrait of the conditions that early black residents found in isolated, poor suburbs. Andrew Wiese insists, however, that they moved there by choice, withstanding racism and poverty through efforts to shape the landscape to their own needs. Turning then to the 1950s, Wiese illuminates key differences between black suburbanization in the North and South. He considers how African Americans in the South bargained for separate areas where they could develop their own neighborhoods, while many of their northern counterparts transgressed racial boundaries, settling in historically white communities. Ultimately, Wiese explores how the civil rights movement emboldened black families to purchase homes in the suburbs with increased vigor, and how the passage of civil rights legislation helped pave the way for today's black middle class. Tracing the precise contours of black migration to the suburbs over the course of the whole last century and across the entire United States, Places of Their Own will be a foundational book for anyone interested in the African American experience or the role of race and class in the making of America's suburbs. Winner of the 2005 John G. Cawelti Book Award from the American Culture Association. Winner of the 2005 Award for Best Book in North American Urban History from the Urban History Association.


Black Families and Recession in the United States

Black Families and Recession in the United States

Author: Dorothy Smith-Ruiz

Publisher: Routledge

Published: 2021-03-30

Total Pages: 100

ISBN-13: 1000361438

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Black Families and the Recession in the United States goes beyond the massive loss of property among African Americans during the Great Recession of 2007–2009. It connects the housing experience to broader systems of inequality in America. Following the Great Recession of 2007–2009, the US elections of 2008, the impact of COVID-19, and widespread demonstrations resulting from the murder of George Floyd by police, the sociopolitical and economic status of Blacks in the United States is at a critical point in history, with demand for major transformation. The authors reveal a history of racist practices against Blacks in many systems, including education, policing, incarceration, wealth transmission, voting restrictions, and housing segregation. The social costs of the recession are manifested in the daily lives of African American families. In addition to financial losses, African Americans are more likely to be plagued with issues related to poverty, chronic illnesses, and lack of trust of social and economic institutions. Research, policy, and practical implications of this research include identifying social and economic supports unique to African Americans and determining strategies to strengthen families; paramount to addressing racial disparities. The interdisciplinary focus of this book appeals to a wide audience and areas of study.


From Foreclosure to Fair Lending

From Foreclosure to Fair Lending

Author: Chester Hartman

Publisher: New Village Press

Published: 2013-10-22

Total Pages: 352

ISBN-13: 1613320132

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This book describes the new wave of fair housing activism in the face of foreclosures and explains what must be done now in the United States to make meaningful progress toward the goals of equitable access to credit, fair housing, and equal opportunity.


Where Credit is Due

Where Credit is Due

Author: John Powell

Publisher: University Press of America

Published: 2013-11-21

Total Pages: 403

ISBN-13: 0761856072

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While much recent attention has been focused on the subprime lending and foreclosure crisis, little has been said about its radically-disparate impact. Drawing upon history as well as insight into the current crisis, this book shows that this crisis is not an anomaly, especially for people of color; nor is it over. People of color have been excluded from wealth-building opportunities via homeownership continuously throughout United States history, from the outright denial of credit and residential racial discrimination, to federally-sponsored urban renewal programs. The subprime lending and foreclosure crisis is predicted to strip a quarter of a trillion dollars in wealth from black and Latino homeowners. It has reversed home ownership gains for people of color and has decimated neighborhoods across the United States while impacting local, regional, national, and international economies. The consequences are devastating. This collection of essays provides a framework for creating equitable policy and ultimately building more stable communities for all Americans.


Why the Poor Pay More

Why the Poor Pay More

Author: Gregory D. Squires

Publisher: Bloomsbury Publishing USA

Published: 2004-10-30

Total Pages: 249

ISBN-13: 0313067902

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The proverbial American dream of owning a home has become an all-too-real nightmare for a growing number of families. The most vulnerable segments of our society—including minorities, the elderly, and working families—are being victimized by financiers who lure them into commitments they cannot fulfill. Collectively known as predatory lending, these practices include offering higher interest rates than can be justified by the risk, high pre-payment penalties that lock families into exploitative loans, and monstrous balloon payments that often result in default and the loss of the home. The net result can be disastrous: damage to one's credit rating, bankruptcy, and even the loss of lifelong savings. Why the Poor Pay More is an incisive exposure of these practices: how they have evolved, why they have become so prevalent in recent years, and how their negative effects can be quantified. It features in-depth analysis from prominent scholars, legal experts, and community leaders, who shed new light on the social, political, and economic consequences of predatory lending. Why the Poor Pay More is much more than an indictment of these insidious discriminatory practices. It is a call to arms for anyone concerned about how the financial-political system can be corrupted to serve the needs of the wealthy. Highlighting community initiatives already underway to combat predatory lending and an extensive listing of practical resources, Why the Poor Pay More outlines active roles that individuals, advocacy groups, financial and legal service providers, and policymakers can play in reversing this destructive trend.


African American Psychology

African American Psychology

Author: Faye Z. Belgrave

Publisher: SAGE Publications

Published: 2018-04-19

Total Pages: 641

ISBN-13: 1506333397

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African American Psychology: From Africa to America provides comprehensive coverage of the field of African American psychology. Authors Faye Z. Belgrave and Kevin W. Allison skillfully convey the integration of African and American influences on the psychology of African Americans using a consistent theme throughout the text—the idea that understanding the psychology of African Americans is closely linked to understanding what is happening in the institutional systems in the United States. The Fourth Edition reflects notable advances and important developments in the field over the last several years, and includes evidence-based practices for improving the overall well-being of African American communities