In 1929, eight months into President Hoover's presidency, the stock market crashes. 5,000 banks closed. People were losing their jobs every day. Franklin Delano Roosevelt is elected in 1932, promising a new deal. The Federal Housing Administration changes that. It allows much smaller down payments and the 30 year mortgage we now take for granted. Homeownership went from around less than 30% to almost 70%.
When it comes to U.S. government programs and support designed to benefit particular racial groups, history is clear. White folks have received most of the handouts. Part of our summer mini-season of rebroadcasts.
By John Biewen, with Deena Hayes-Greene of the Racial Equity Institute and Season 2 series collaborator Chenjerai Kumanyika.