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.
Publisher: University Press of America
Number of pages: 402
Weight: 549 g
Dimensions: 226 x 154 x 25 mm
There is, perhaps, no more powerful illustration of contemporary structural racism than the exponential growth of unfair and unequal credit and lending practices that served as kindling for what became the fire-the subprime mortgage crisis...This book is a seminal contribution because it...has the potential to help move readers and policy makers beyond denial of the multifaceted, racially-based drivers of financial practices, policies, and our economy. -- Gail C. Christopher, DN, vice president for program strategy, W.K. Kellogg Foundation
...An understanding of this issue is essential to preparing our country to complete in the 21st century global economy as people of color become the majority. -- Roger A. Clay Jr., president, Insight Center for Community E