Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership (Justice, Power, and Politics) Hardcover – October 21, 2019

by Keeanga-Yamahtta Taylor (Author)

One of my reader introduced me to this book.

LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD
FINALIST, 2020 PULITZER PRIZE IN HISTORY

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 unholypursuit

A. White, an award winning former librarian, who is also a long time member of Romantic Time and Publisher's Weekly. A. White has been writing for over fifteen years. She took classes in creative writing in college, specializing in ancient myths and legends. and later at a local community center while living in Chicago. In college she won the national contest to verbally list every country in the world, it's capital and ingenious language. Her works are mainly horror, fantasy, extreme, and sci-fi as well as, as some may says, "the truly strange predicament and puzzling." Books that I've written are "Clash with the Immortals, and eleven others which are part of the "Unholy Pursuit saga,". She has been working on the Chronicles since 2007. She wished to complete them all before introducing them to public so the readers wouldn't have to for the continuation to be written. The ideas of the book come from classic literature such as whose work greatly influence the world world such as Homer, Sophocles, Herodotus, Euripides, Socrates, Hippocrates, Aristophanes, Plato, Aristotle and many more. The "Book of Enoch" influenced the usage of Azazael as a main character and love interest. I created the primary main character from the Chronicle of Saints. I wanted to show them as real flesh and blood with thoughts, desires and yearning as any human. Not as they are so often depicted. So I created one of my own to show her as a real human that everyone can relate to.
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11 Responses to Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership (Justice, Power, and Politics) Hardcover – October 21, 2019

  1. macalder02 says:

    By not speaking the language, I will not be able to read a very revealing book on how racism, in all its forms and patterns, breaks into home sales to people of color. With your review, it is enough to realize that they always have the club in hand to attack where minorities of color least expect it. It seems to be an endless evil. The description of how these actions are handled within the real estate center is interesting. Happy weekend.
    Manuel Angel

    Liked by 1 person

  2. this has become an international issue, in all capitalist countries, affecting all marginalized people of all stripes and colours, but especially the lower class elderly.

    Liked by 1 person

    • I agree.
      After reading this book I wish the subject had been addressed more fully when it was first mentioned back in 1866. Some of the conditions of the housing make you shudder.
      The predatory lending practices effect the elderly and mainly single African American Women.

      Like

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