Racial Wealth Divide

Report on Racial Disparities in Home Preservation Rates

WHEREAS, mortgage foreclosures in 2007 and 2008 threaten the stability and profits of virtually all lending companies, including Wells Fargo.   Federal Reserve Chair Ben Bernanke testified in March 2008 that total losses on subprime mortgage foreclosures in the fourth quarter of 2007 exceeded 50% of the principal balance;
Diciembre 19, 2008

The housing and subprime-mortgage crisis stands to cost minority homeowners 40 percent more of their wealth than white homeowners in similar circumstances, an advocacy group says. The Columbus Dispatch. Noviembre 13, 2008

No other recent economic crisis better illustrates the saying "when America catches a cold, African Americans get pneumonia" than the sub-prime mortgage meltdown. African Americans, along with other minorities and low-income populations, have been the targets of the sub-prime mortgage system. The American Prospect.
Septiembre 22, 2008

Subprime mortgages recently have expanded greatly. With higher interest rates and higher fees and penalties than conventional mortgages, subprime loans qualify individuals who otherwise couldn't get a loan because of low income or bad credit history. DiversityInc. Septiembre 10, 2008

Charles Steele Jr., of the Southern Christian Leadership Conference, builds on our report "Foreclosed: State of the Dream 2008," in a critique of proposals to ease the credit crunch. The Washington Post. Junio 23, 2008

Jose Garcia of Demos uses data from our State of the Dream report in his recent op-ed. From the Hartford Courant.
Junio 2, 2008

This panel discussion held on 05/09/2008, focused on the diversity of young adults and their economic expectations. Amaad Rivera, Racial Wealth Divide Program Leader at United for a Fair Economy presented. (Includes link to video.)
Mayo 9, 2008

On April 29 in San Francisco, members of Responsible Wealth will present a shareholder resolution requesting that the company explain racial and ethnic disparities in its sub-prime loans. Abril 25, 2008

Before there can be meaningful discussion, typical Americans will need to come face to face with some meaningful facts about U.S. economic history. Beneath the superficial race talk is the very real and complex issue of the color of wealth. By Sean Gonsalves in CommonDreams.Org. Marzo 31, 2008

From UFE's February 2008 Enews

 

Febrero 29, 2008