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Thread: Why a housing scheme founded in racism is making a resurgence today

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    Exclamation Why a housing scheme founded in racism is making a resurgence today

    The Rutgers historian wrote the book on an obscure form of predatory lending from the mid-20th century that victimized black home buyers when banks would not lend them mortgages. Her book, "Family Properties," came out in 2009, on the heels of the housing crash. And as she traveled the country talking about it — about families defrauded from the homes they thought they owned, about sellers who promised home ownership but collected deposits and evictions instead — people kept approaching her.

    "Pretty much everywhere I go, people say 'I’ve been hearing about this,'" Satter says. "Contract" selling is making a comeback.

    In this model, buyers shut out from conventional lending are offered an alternative: They can make monthly payments on a home directly to the seller, instead of a bank, with the promise of receiving the deed only once the property is entirely paid off, 20 or 30 years down the road. In the meantime, they have few of the legal protections of a typical home buyer but all of the responsibilities of one. They don't build equity with time. They can be easily evicted. And if that happens, they lose all of their investment.

    According to the Detroit Free Press, more homes were bought in Detroit last year using such "land contracts" or "contracts for deeds" than conventional mortgages. In a series of recent stories, the New York Times has reported that Wall Street is now betting on this market, with investors buying foreclosed homes by the thousands and selling them on contract. Earlier this week, the Times reported that the Consumer Financial Protection Bureau is now investigating the practice's resurgence, although it is not by definition illegal.


    https://www.washingtonpost.com/news/...urgence-today/


    I still think, all told, housing policy is the key instrument of white supremacy in the US.

    So the next time you hear someone B!tch and Complain about Ghetto's, just remember who where the Ass-Hole's who created them.




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    There was a piece done on NPR over the weekend on this practice. It was presented as an innovative way that those who are without the credit score or history necessary to obtain a standard mortgage can become homeowners. At no time was race ever brought up by anyone - which, if it had appeared to be an issue at all, you'd have figured that an NPR reporter would have mentioned.

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    Redlining: Still a thing.

    "Redlining" just sounds like an an old-timey term, a practice that exists only in history and our re-tellings of it. The word has particular roots in the 1930s, when the government-sponsored Home Owner's Loan Corporation first drafted maps of American communities to sort through which ones were worthy of mortgage lending. Neighborhoods were ranked and color-coded, and the D-rated ones — shunned for their "inharmonious" racial groups — were typically outlined in red.


    This government practice was swiftly adopted by private banks, too, during an era of massive homeownership expansion in the U.S. And the visual language of the maps became a verb: To redline a community was to cut it off from essential capital. To be redlined was something even worse.


    The federal government eventually retreated from the practice, and it was outlawed by the Fair Housing Act in 1968. But black communities have warned that it still exists in subtler and changed forms, in bank tactics that have targeted these same neighborhoods for predatory lending, or in new patterns like "retail redlining." Some of the persistent redlining, though, still looks an awful lot like the original.


    Case in point: This week the Department of Housing and Urban Development settled with the largest bank headquartered in Wisconsin over claims that it discriminated from 2008-2010 against black and Hispanic borrowers in Wisconsin, Illinois and Minnesota. The bank, Associated Bank, denies wrongdoing in the settlement, but HUD itself is declaring victory in "one of the largest redlining complaints" ever brought by the federal government against a mortgage lender.




    https://www.washingtonpost.com/news/...-50-years-ago/


    Just like Racism ... Not believing it, doesn't exclude it's existence

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    Redlining (1937- ) ---> http://www.blackpast.org/aah/redlining-1937


    Redlining Map, Charlotte, North Carolina, 1935

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    The Racist Housing Policy That Made Your Neighborhood

    The freewheeling opportunity associated with 20th-century California was not available to black residents, and that exclusion reverberates in our neighborhoods and communities today

    http://www.theatlantic.com/business/archive/2014/05/the-racist-housing-policy-that-made-your-neighborhood/371439/

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    How We Built the Ghettos

    Disparities in homeownership are a major driver of the racial wealth gap, according to a recent study from Brandeis University. According to the authors of the report, “redlining [a form of discrimination in banking or insurance practices], discriminatory mortgage-lending practices, lack of access to credit, and lower incomes have blocked the homeownership path for African-Americans while creating and reinforcing communities segregated by race.”

    http://www.thedailybeast.com/article...e-ghettos.html

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    A Tax on Blackness
    Racism is still rampant in real estate.


    “One Hundred Years of Land Values in Chicago: The Relationship of the Growth of Chicago to the Rise of Its Land Values, 1830–1933”—that ranked various races and nationalities by order of “desirability.” Most desired were the old American stock of Anglo-Saxons and Northern Europeans—English, Germans, Scots, Irish, and Scandinavians—followed by Northern Italians, Czechoslovakians, Polish, Lithuanians, Greeks, “Russian Jews of the lower class,” South Italians, and at the bottom of the list, “$#@!es and Mexicans.”

    http://www.slate.com/articles/news_and_politics/politics/2015/05/racism_in_real_estate_landlords_redlining_housing_ values_and_discrimination.html

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