- Mar 11, 2015
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- #41
The root cause of white racism is insecurity. That insecurity comes from fear. And it is fear that makes people ignore facts that destroy what the have been radicalized and indoctrinated to believe about blacks.
Ten years ago, during the subprime lending boom, banks and other financial institutions targeted African Americans for the marketing of subprime loans. The loans had exploding interest rates and prohibitive prepayment penalties, leading to a wave of foreclosures that forced black homeowners back into ghetto apartments and devastated the middle class neighborhoods to which these families had moved. The City of Baltimore sued Wells Fargo Bank, presenting evidence that the bank had established a special unit staffed exclusively by African American bank employees who were instructed to visit black churches to market subprime loans. The bank had no similar practice of marketing such loans through white institutions. These policies were commonplace nationwide, but federal bank examiners responsible for supervising lending practices made no attempt to intervene. When a similar suit was filed in Cleveland, a federal judge observed that because mortgage lending is so heavily regulated by the federal and state governments, “there is no question that the subprime lending that occurred in Cleveland was conduct which ‘the law sanctions’.”
www.epi.org
Ten years ago, during the subprime lending boom, banks and other financial institutions targeted African Americans for the marketing of subprime loans. The loans had exploding interest rates and prohibitive prepayment penalties, leading to a wave of foreclosures that forced black homeowners back into ghetto apartments and devastated the middle class neighborhoods to which these families had moved. The City of Baltimore sued Wells Fargo Bank, presenting evidence that the bank had established a special unit staffed exclusively by African American bank employees who were instructed to visit black churches to market subprime loans. The bank had no similar practice of marketing such loans through white institutions. These policies were commonplace nationwide, but federal bank examiners responsible for supervising lending practices made no attempt to intervene. When a similar suit was filed in Cleveland, a federal judge observed that because mortgage lending is so heavily regulated by the federal and state governments, “there is no question that the subprime lending that occurred in Cleveland was conduct which ‘the law sanctions’.”
From Ferguson to Baltimore: The Fruits of Government-Sponsored Segregation
In Baltimore in 1910, a black Yale law school graduate purchased a home in a previously all-white neighborhood. The Baltimore city government reacted by adopting a residential segregation ordinance, restricting African Americans to designated blocks. Explaining the policy, Baltimore’s mayor...
www.epi.org
