Billions Stolen From Black Families by Predatory Lending

[DirtyD]

MARC STEINER Welcome to The Real News Network. I’m Marc Steiner. It’s great to have you all with us. As many of you know, we broadcast from Baltimore, Maryland. One of our most heinous legacies is that this is a city that gave birth to what is known as redlining— intentionally and legally segregating neighborhoods and steering African Americans to buy homes in those neighborhoods at exorbitant prices through lending contracts, not federally secure mortgages, so you could never really own the home. You’ll be in debt forever and can’t create wealth, though it created wealth in the white world and increased poverty in the black world. A group of researchers at the Samuel Dubois Cooke Center for Social Equity produced a report about redlining and the seriousness of its consequences.

The report’s entitled The Plunder of Black Wealth in Chicago: New Findings on The Lasting Toll of Predatory Housing Contracts. It not only tells the history but details its consequences and its financial toll. It’s part and parcel of the underpinning for many of the arguments on reparations and I hope this is just the beginning of our conversations about this report and similar things in the coming months. The study was brought to our attention by our guest today, Bill Black, who is Associate Professor of Economics and Law at the University of Missouri Kansas City, white-collar criminologist, former financial regulator, author of The Best Way to Rob A Bank is to Own One, and, of course, a regular contributor here at The Real News. Bill, welcome back. Good to have you with us, as always.

Billions Stolen From Black Families by Predatory Lending

 

[Strapped]

Send that shieet to obeezy so he can reflect

 

[Jhoon]

I believe that the exorbitant rates we get charged for insurance supplements the lifestyle of our cac citizens.

 

[BigMoneyGrip]

There’s a lot of Santander lending locations popping up in low income areas doubling as banks and the like and I just think to myself how many mofos they getting with bad credit and high ass interest rates on auto and home loans or mofos going there to refinance...

Folk end up in a position where they can’t pay the loan and this lending institution waiting in the cut to take folk property smh

 

[88m3]

Thanks, Bernie

 

[Professor Emeritus]

Everyone should do EVERYTHING they can to get debt free. Compound interest is a destroyer of lives and families.

 

[DirtyD]

Thanks, Bernie

 

[Abraxus]

Send that shieet to obeezy so he can reflect

This happened way before O's watch. I see you didn't read or click the link.