Race for Profit : How Banks and the Real Estate Industry Undermined Black Homeownership
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| Title: | Race for Profit : How Banks and the Real Estate Industry Undermined Black Homeownership |
|---|---|
| Description: | LONGLISTED FOR THE 2019 NATIONAL BOOK AWARDFINALIST, 2020 PULITZER PRIZE IN HISTORYBy 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. |
| Authors: | Keeanga-Yamahtta Taylor |
| Resource Type: | eBook. |
| Subjects: | Discrimination in housing--History--20th centu, Discrimination in mortgage loans--History--20t, Urban African Americans--Housing--History--2, African American women--Housing--History--20, Real estate business--History--20th century. - |
| Categories: | HISTORY / African American & Black, HISTORY / United States / 20th Century, SOCIAL SCIENCE / Sociology / Urban |
| Database: | eBook Collection (EBSCOhost) |
| FullText | Links: – Type: ebook-pdf – Type: ebook-epub Text: Availability: 0 |
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| Header | DbId: nlebk DbLabel: eBook Collection (EBSCOhost) An: 2243162 RelevancyScore: 1090 AccessLevel: 6 PubType: eBook PubTypeId: ebook PreciseRelevancyScore: 1090.09973144531 |
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| Items | – Name: Title Label: Title Group: Ti Data: Race for Profit : How Banks and the Real Estate Industry Undermined Black Homeownership – Name: Abstract Label: Description Group: Ab Data: LONGLISTED FOR THE 2019 NATIONAL BOOK AWARDFINALIST, 2020 PULITZER PRIZE IN HISTORYBy 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. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Keeanga-Yamahtta+Taylor%22">Keeanga-Yamahtta Taylor</searchLink> – Name: TypePub Label: Resource Type Group: TypPub Data: eBook. – Name: Subject Label: Subjects Group: Su Data: <searchLink fieldCode="DE" term="%22Discrimination+in+housing--History--20th+centu%22">Discrimination in housing--History--20th centu</searchLink><br /><searchLink fieldCode="DE" term="%22Discrimination+in+mortgage+loans--History--20t%22">Discrimination in mortgage loans--History--20t</searchLink><br /><searchLink fieldCode="DE" term="%22Urban+African+Americans--Housing--History--2%22">Urban African Americans--Housing--History--2</searchLink><br /><searchLink fieldCode="DE" term="%22African+American+women--Housing--History--20%22">African American women--Housing--History--20</searchLink><br /><searchLink fieldCode="DE" term="%22Real+estate+business--History--20th+century%2E+-%22">Real estate business--History--20th century. -</searchLink> – Name: SubjectBISAC Label: Categories Group: Su Data: <searchLink fieldCode="ZK" term="%22HISTORY+%2F+African+American+%26+Black%22">HISTORY / African American & Black</searchLink><br /><searchLink fieldCode="ZK" term="%22HISTORY+%2F+United+States+%2F+20th+Century%22">HISTORY / United States / 20th Century</searchLink><br /><searchLink fieldCode="ZK" term="%22SOCIAL+SCIENCE+%2F+Sociology+%2F+Urban%22">SOCIAL SCIENCE / Sociology / Urban</searchLink> |
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| RecordInfo | BibRecord: BibEntity: Classifications: – Code: 363.5 Scheme: ddc Type: prePub Languages: – Code: eng Text: English Subjects: – SubjectFull: Discrimination in housing--History--20th centu Type: general – SubjectFull: Discrimination in mortgage loans--History--20t Type: general – SubjectFull: Urban African Americans--Housing--History--2 Type: general – SubjectFull: African American women--Housing--History--20 Type: general – SubjectFull: Real estate business--History--20th century. - Type: general Titles: – TitleFull: Race for Profit : How Banks and the Real Estate Industry Undermined Black Homeownership Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Keeanga-Yamahtta Taylor – PersonEntity: Name: NameFull: Keeanga-Yamahtta Taylor IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 01 Type: published Y: 2019 – D: 06 M: 09 Type: profile Y: 2019 Identifiers: – Type: isbn-print Value: 9781469653662 – Type: isbn-print Value: 9781469663883 – Type: isbn-electronic Value: 9781469653686 – Type: isbn-electronic Value: 9798890848772 – Type: isbn-electronic Value: 9781469653679 – Type: isbn-electronic Value: 9798890848765 Titles: – TitleFull: Race for Profit : How Banks and the Real Estate Industry Undermined Black Homeownership Type: main |
| ResultId | 1 |
