Federal Policies Prevent Blacks from Getting Real Mortgages

[Troy]

This video was posted on the Atlantic's website as part of Ta-Nehisi Coates's cover story, "The Case for Reparations."  While I shared and read this 16 thousand word article, I missed the attached video.  I missed the video because I printed the article a read it offline. After using a program to strip out all the images and ads; the article was still 24 pages long.  I just don't like reading articles this long on a screen--consider me old school (I know I'm not alone).

I don't think I was the only one to missed the video.  The version The Atlantic posted on YouTube was only viewed 1,900 times and it was posted last May, this is a remarkably small number of views given the prominence of this article.  So just in case you missed the video, I've shared it belong.  If you somehow missed the reading the article, "The Case for Reparations" (consider it required reading) you may follow this link." 

When Clyde Ross, Mattie Lewis, and Ethel Weatherspoon settled in the West-side neighborhood of North Lawndale, they hoped to achieve the American dream of owning a home. At the time, however, federal policies known as redlining prevented blacks from getting real mortgages, forcing them to buy from real-estate speculators "on contract." The contracts, homeowners soon discovered, turned out to be a scam. In this short documentary, Ross, Lewis, Weatherspoon, and a community organizer named Jack Macnamara recount the story of how they formed the Contract Buyers League and fought back.

 

With the millions of people, who lost their homes during the last home mortgage crisis, caused by predatory lending, which disproportionately effected Black people; nothing was done.  The most recent housing collapse was NO DIFFERENT, that what we see depicted so poignantly in the video above.  What was different, however, was the fact we did nothing about it in the most recent episode.  In fact, we were being robbed blind without even knowing about it.  

Of course the subsequent Federal Government bailout, using our money, rescued the criminals when their ponzi scheme collapsed.  Still today most of use are none the wiser.

 

[CDBurns]

Here is another case of economic empowerment by Blacks in the past that will never happen again. In regard to the case for reparations, maybe it's like Cynique said we can talk about it so much, but what will come of the talk? If the CBL failed then, and we had ZERO response to the housing crash of 2007, writing and delivering this information creates the dialogue, but after the talk is done, will we even have a symbolic gesture, the taking down of the Confederate Flag, for reparations? I don't think so and that is what frustrates me the most about being made aware. 

Edited July 18, 2015 by CDBurns

[Troy]

I'm beginning to wonder what percentage of the Black community are aware of this, or have read the article the "The Case for Reparations."  I teach a class of adult learners this morning and I will ask them.  I get the impression that less people are aware of this than we might assume, because we talk about it so much.

The other thing about the video is that 75% of the people in Contract Buyers League, ultimately lost their homes. Still many were able to keep them and get legitimate mortgages as a result of the effort.

I doubt anyone today would take that kind of risk, knowing the odds.  It is always "safer" to keep quiet, don't ask any questions, and do what you are told.

[Cynique]

In answer to your e-mail questions, Troy, during the  time all the above was going on, buying a house wasn't something that me and my husband, who were in our 20s, were interested in.  We were more focused on having a cool, "freaked out" apartment with Danish Modern furniture, abstract wall paintings, geometric mobiles suspended from the ceiling and a hi-fi unit to showcase  our Jazz albums and R&B singles.  A house of our own complete with a manicured lawn, a white picket fence and a 2 car garage didn't excite us, mostly because we weren't ready for the financial  responsibility or the dilligent upkeep these things involved.   Paying rent and leaving all the maintenance to somebody else was our rationale for rejecting the America dream.  But,  I was aware that buying houses on contract was emerging as a popular alternative to being turned down for a mortgage by banks who were not receptive to black applicants.  Ironically, the people pushing the buying on contract deals were unscrupulous black realtors  who  were a part of the block busting boom that enabled  the white flight panic triggered by white home owners eager to escape the prospect of having black neighbors. Circumventing the restricted covenance codes designed to keep neighborhoods all-white, fleeing white home owners began selling their houses to clueless blacks eager to move into nicer areas and better homes, and contract buying was part of this equation.  This was what was happening in my home town and this scenario was undoubtedly typical.

Later, in our 30's, with a growing family, my husband and I decided to take advantage of available HUD houses, and his eligibility for a G.I. Loan, both of which allowed us to buy a house the conventional way. Over the years, however, he and I never really developed much enthusiasm for owning our own home.  High interest house notes, property taxes,  home repairs and  yard landscaping neutralized the pride in ownership having your own home was supposed to inspire.  But we persevered.   

The history of black people has been one of ongoing exploitation.  We are consumers as opposed to manufacturers. We seek to escape the drudgery that seems to be our lot in life by pursuing our materialistic wants instead of our economic needs. But is this a crime? The argument can be made that life is too short to be on a permanent quest for the elusiveness of justice and the compensation of reparations. Life is not fair.  Individual success and the acclaim this inspires  are there for those who have the talent to earn it and are,  perhaps, the most a black person can hope for in this racist country.

And speaking of success and acclaim, I watched Caitlyn give her acceptance speech at the ESPY award show.  There she was, in all of her transsexual splendor, gowned in a designer dress, her hair well-coiffed, her make-up skillfully applied.  I listened as she made a plea for tolerance and compassion for those who are different.  I found her gracious and eloquent, but I couldn't help but think that tolerance and compassion for those who are different is something black people in white America  have been vainly demanding for over a century. Unfortunately,  human beings have never been that big on embracing those who are different from themselves. So, lotsa luck, Girlfriend.  Deep in my contrarian mode, I also got into an argument on FaceBook because while commenting on the ESPYs, I remarked that the football player getting an award for sacrificing his playing time in order to be there for his cancer-stricken little daughter wasn't that heroic because he just did what any caring father would do.  Tragic situations abound in life.  The world is full of people who are struggling but don't get to tell their stories on TV shows in order to boost their ratings. 

...and so it goes.

 

Edited July 18, 2015 by Cynique

[Akia]

They can really do that, do they think that all Africa Americans are low income or something, because that's confusing

 

[Akia]

Can they do that though?
 

[Cynique]

Do what??????