Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership : Keeanga-Yamahtta Taylor

Recommended Reading: Keeanga-Yamahtta Taylor

(Justice, Power, and Politics reading)

By 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.

ABOUT Keeanga-Yamahtta Taylor @KeeangaYamahtta

Keeanga-Yamahtta Taylor is Assistant Professor of African American Studies at Princeton University. Taylor’s writing and scholarship engage issues of contemporary Black politics, the history of Black social movements and Black radicalism, and issues concerning public policy, race and racial inequality. Taylor’s writing has been published in New York Times, The Guardian, Los Angeles Times, Boston Review, The Paris Review, The New Republic, Al Jazeera America, Jacobin, In These Times, New Politics, Souls: A Critical Journal of Black Politics, Culture and Society, and beyond. Taylor is also author of the award-winning From #BlackLivesMatter to Black Liberation published by Haymarket Books in 2016. She is also author of How We Get Free: Black Feminism and the Combahee River Collective which won the 2018 Lambda Literary Award for LGBTQ Nonfiction. Taylor’s forthcoming book with the University of North Carolina Press, titled Race For Profit: How Banks and the Real Estate Industry Undermined Black Homeownership will be published in October of 2019.

Taylor received her PhD in African American Studies at Northwestern University in 2013.

Bad Romance | Boston Review

Capitalism twists our God-given love for neighbor and world into a force of estrangement, and it transforms our God-given desire to work into forms of exploitation.

McCarraher contends that this whole story is disastrously misguided; it keeps us from seeing how capitalism functions, and why it continues to exert so much appeal. Disenchantment, he argues, never happened. Our world is still soaked with meaning, just as it was in the Middle Ages. We are not abandoned to a universe of moral relativism and nihilism, because capitalism and its prophets have offered an astonishingly stable set of alternatives. “Capitalism,” McCarraher insists, “is a love story.” What he means is that the market translates the poetry of our desire into the prose of institutions and exchange. (And isn’t this the structure of any love story, or at least those ending in marriage?) Our world, in other words, is just as “enchanted” as the one of our medieval forebears: the human frame is such that it could not survive otherwise. Capitalism offers us community, faith, ritual, nature worship, and everything else that we imagine in the enchanted worldview of the past.

The trouble is that it is black magic. It twists our God-given love for neighbor and world into a force of estrangement, and it transforms our God-given desire to work into forms of exploitation. The problem with capitalism isn’t that it lacks values, but that it values the wrong things. If McCarraher is right, the salvation we seek will not come through technological breakthroughs or even the creation of new political coalitions. The first order of business, he thinks, is to learn how to love again, and to love better.

Source: Bad Romance | Boston Review

Review: James Cone, the father of black theology | America Magazine

“The blood of black people is crying out to God and to white people from the ground in the United States of America.” -James H. Cone

The Rev. Dr. James Cone’s posthumous final book, Said I Wasn’t Gonna Tell Nobody, chronicles the author’s intellectual and spiritual journey as a theologian. Cone’s autobiography is the memoir of a lifetime spent trying to come to terms with his blackness amid the crucible of racism and prejudice in the United States.

It is also, in an understated way, a history not only of black theology but of the liberation theologies that arose from the turbulent 1960s and ’70s.

Cone’s autobiography speaks to one of the most pressing issues of our time, racism, through the pain of his experience and the strength of his writing. For Catholics today, it holds one other important truth: Theology does not arrive out of a sterile doctrinal laboratory but from the pains, sufferings and triumphs of the people of God.

Source: Review: James Cone, the father of black theology | America Magazine

How the South Won the Civil War | The New Yorker

“. . . As Stevens pointed out, the reasoning that says that no states seceded because the Constitution won’t allow it would also say that no man can ever commit murder because the law forbids it. “Black Codes” were put in place in most Southern states that, through various means, some overt and some insidious (anti-vagrancy statutes were a particular favorite), limited the rights of blacks to work and to relocate. The legislative reconquest was backed by violence: the Ku Klux Klan, formed as a terrorist organization by ex-Confederate officers, began murdering and maiming assertive black citizens. In 1877, after a mere dozen years in which black suffrage and racial equality were at least grudgingly accepted national principles, the federal government pulled its last troops from the South and, in what could be called the Great Betrayal, an order of racial subjugation was restored. . .”

Source: How the South Won the Civil War | The New Yorker

The Negative Effects of Privilege on Educational Attainment: Gender, Race, Class, and the Bachelor’s Degree [Paper]

The Negative Effects of Privilege on Educational Attainment: Gender, Race, Class, and the Bachelor’s Degree*

First published: 14 January 2014
Cited by: 1
*The author thanks Eric Lopez for outstanding research assistance. The article benefited from comments by Tad Krauze, Marc Silver, and the anonymous reviewers at SSQ. This research uses data from Add Health, a program project directed by Kathleen Mullan Harris and designed by J. Richard Udry, Peter S. Bearman, and Kathleen Mullan Harris at the University of North Carolina at Chapel Hill, and funded by grant P01‐HD31921 from the Eunice Kennedy Shriver National Institute of Child Health and Human Development, with cooperative funding from 23 other federal agencies and foundations. Special acknowledgment is due to Ronald R. Rindfuss and Barbara Entwisle for assistance in the original design. Information on how to obtain the Add Health data files is available on the Add Health website (<http://www.cpc.unc.edu/addhealth>). No direct support was received from grant P01‐HD31921 for this analysis.

Abstract

Objective

To show that in the contemporary United States, traditionally privileged categories of people—men, whites, and the super‐rich—complete four‐year college degrees at rates lower than their nonprivileged counterparts—women, nonwhites, and the “99 percent.”

Methods

Logistic regression and an educational transitions method are used on the National Longitudinal Study of Adolescent Health (Waves 1 and 4) to predict, given college entrance, who completes a bachelor’s degree.

Results

Women, the lower 99 percent of the income distribution, and when economic resources are present, nonwhites all complete college at higher rates than men, the richest 1 percent, and whites, respectively. In a final model, rich white men as a single category are shown to complete college less than everyone else.

Conclusion

As previously excluded categories of people have gained access to higher education, the privileged are shifting their reproduction strategies away from schooling.

Did the Founding Fathers Lead the American Revolution for the Pursuit of Liberty — Or Personal Greed?

Did the Founding Fathers Lead the American Revolution for the Pursuit of Liberty — Or Personal Greed?

Two political scientists are that the founding of the United States was less idealistic than we were led to believe.

In their book The Spoils of War, Bueno de Mesquita and Smith expand on their theory of political action as deriving largely from the personal ambitions of rulers and politicians in power. They apply this theory to the American presidents, and they begin their case with no lesser figure than President George Washington.

Washington, they argue, had deep financial interests in land. One estimate ranks him as the 59th richest man in all of American history, and he died with 60,000 acres to his name across Virginia, Pennsylvania, New York, Kentucky, Maryland, and West Virginia, the authors write.

More:

https://www.alternet.org/news-amp-politics/did-founding-fathers-lead-american-revolution-pursuit-liberty-or-personal-greed

The Long-Lasting Legacy of the Great Migration | History | Smithsonian

The Long-Lasting Legacy of the Great MigrationWhen millions of African-Americans fled the South in search of a better life, they remade the nation in ways that are still being feltAn African-American family leaves Florida for the North during the Great Depression. (MPI/Getty Images)By Isabel WilkersonSMITHSONIAN MAGAZINE | SUBSCRIBE SEPTEMBER 20168.9K 73 2 29 14 37 13.1K 8.9K 73 29 14 2 13.1KIn 1963, the American mathematician Edward Lorenz, taking a measure of the earth’s atmosphere in a laboratory that would seem far removed from the social upheavals of the time, set forth the theory that a single “flap of a sea gull’s wings” could redirect the path of a tornado on another continent, that it could, in fact, be “enough to alter the course of the weather forever,” and that, though the theory was then new and untested, “the most recent evidence would seem to favor the sea gulls.”FROM THIS STORY The Warmth of Other Suns: The Epic Story of America’s Great MigrationBUYAt that moment in American history, the country had reached a turning point in a fight for racial justice that had been building for decades. This was the year of the killing of Medgar Evers in Mississippi, of the bombing of the 16th Street Baptist Church in Birmingham, of Gov. George Wallace blocking black students at the schoolhouse door of the University of Alabama, the year of the March on Washington, of Martin Luther King Jr.’s “I Have a Dream” speech and his “Letter From a Birmingham Jail.” By then, millions of African-Americans had already testified with their bodies to the repression they had endured in the Jim Crow South by defecting to the North and West in what came to be known as the Great Migration. They were fleeing a world where they were restricted to the most menial of jobs, underpaid if paid at all, and frequently barred from voting. Between 1880 and 1950, an African-American was lynched more than once a week for some perceived breach of the racial hierarchy.“They left as though they were fleeing some curse,” wrote the scholar Emmett J. Scott, an observer of the early years of the migration. “They were willing to make almost any sacrifice to obtain a railroad ticket and they left with the intention of staying.”The migration began, like the flap of a sea gull’s wings, as a rivulet of black families escaping Selma, Alabama, in the winter of 1916. Their quiet departure was scarcely noticed except for a single paragraph in the Chicago Defender, to whom they confided that “the treatment doesn’t warrant staying.” The rivulet would become rapids, which grew into a flood of six million people journeying out of the South over the course of six decades. They were seeking political asylum within the borders of their own country, not unlike refugees in other parts of the world fleeing famine, war and pestilence.Until that moment and from the time of their arrival on these shores, the vast majority of African-Americans had been confined to the South, at the bottom of a feudal social order, at the mercy of slaveholders and their descendants and often-violent vigilantes. The Great Migration was the first big step that the nation’s servant class ever took without asking.“Oftentimes, just to go away is one of the most aggressive things that another person can do,” wrote John Dollard, an anthropologist studying the racial caste system of the South in the 1930s, “and if the means of expressing discontent are limited, as in this case, it is one of the few ways in which pressure can be put on.”The refugees could not know what was in store for them and for their descendants at their destinations or what effect their exodus would have on the country. But by their actions, they would reshape the social and political geography of every city they fled to. When the migration began, 90 percent of all African-Americans were living in the South. By the time it was over, in the 1970s, 47 percent of all African-Americans were living in the North and West. A rural people had become urban, and a Southern people had spread themselves all over the nation.Subscribe to Smithsonian magazine now for just $12This article is a selection from the September issue of Smithsonian magazineBUYMerely by leaving, African-Americans would get to participate in democracy and, by their presence, force the North to pay attention to the injustices in the South and the increasingly organized fight against those injustices. By leaving, they would change the course of their lives and those of their children. They would become Richard Wright the novelist instead of Richard Wright the sharecropper. They would become John Coltrane, jazz musician instead of tailor; Bill Russell, NBA pioneer instead of paper mill worker; Zora Neale Hurston, beloved folklorist instead of maidservant. The children of the Great Migration would reshape professions that, had their families not left, may never have been open to them, from sports and music to literature and art: Miles Davis, Ralph Ellison, Toni Morr

Source: The Long-Lasting Legacy of the Great Migration | History | Smithsonian

 

Isabel Wilkerson is a former Chicago bureau chief for The New York Times and a Pulitzer Prize winner. She is the author of the best-selling The Warmth of Other Suns: The Epic Story of America’s Great Migration.

Read more from this author |

Read more: http://www.smithsonianmag.com/history/long-lasting-legacy-great-migration-180960118/#cwB5cQmkm3LrcPfC.99
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