You authored a study that showed to boost black home ownership to 60% over 20 years in the US would require 165,000 mortgages a year above what was being lent out in 2019. And how some of those promises have been broken. Well, we are an organization that really started off as a coalition around the Community Reinvestment Act. We recognize that we don't need solely not discrimination, but we also need it to affirmatively further investment in housing by financial institutions and investment in general.
NOTE: This episode originally aired in December 2022.
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In the aftermath of the 2008 financial crisis, some of the biggest mortgage lenders in the US promised to extend billions in new loans to Black homebuyers. That hasn’t happened. Instead, the numbers are going in the opposite direction.
Bloomberg senior economics writer Shawn Donnan joins this episode to talk about why banks have fallen short of the goal–and what it means for families across the country. Dedrick Asante-Muhammad of the National Community Reinvestment Coalition also joins to spell out what needs to be done to fix the problem.
Read more: Big US Banks Fall Short on Promises to Create Black Homeowners
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This episode was produced by: Supervising Producer: Vicki Vergolina, Senior Producer: Kathryn Fink, Producers: Mo Barrow, Michael Falero, Sound Design/Engineer: Gilda Garcia.
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