Racism has a cost for everyone | Heather McGhee
TED Health
00:00
The Problem Wasn't the Borrower, It Was the Mortgage Market
The majority of sub prime mortgages went to people who had good credit, like glen. And african americans and latinos were three times as likely, even if they have good credit, than white people,. The problem wasn't the borrower. The problem was the loan. After the crash, most of the nation's big lenders would go on to be fined for racial discrimination. But that realization came too late. These loans, super profitable for the lenders, but designed to fail for the borrowers, spread out into the wider, whiter mortgage market. One out of every five mortgages in the country was in this mould. It cost us all 19 trillion in lost wealth, pensions, home
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