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A recent study by the Center for Responsible Lending has confirmed what you probably already knew: African Americans were significantly more affected by foreclosure than whites. The study shows that although whites make up the majority of foreclosures between 2007 and 2009, African Americans were 70 percent more likely to lose their homes.
Whites lost their homes at a clip of 4.5 percent, while African Americans lost their homes at a rate of 7.9 percent. The "analysis suggests dramatic differences in how the foreclosure crisis has affected racial and ethnic groups," the report said. "African American and Latino borrowers have borne and will continue to disproportionately bear the burden of foreclosures."
The report also shows that the disparity holds true even for high-income borrowers. In that case, high-income African Americans were 80 percent more likely to lose their homes than white borrowers.
The reasons for the disparity are relatively straightforward:
1) African Americans were more likely to be steered toward subprime loans than whites: This is part of the reason I remain concerned about the NAACP dropping its lawsuit against Wells Fargo, a bank that is being sued by governments all across America under accusations of predatory lending. Predatory lending has cost the black community billions in wealth and there must be a nationwide remedy for this level of destruction.
2) Black families have a need to further embrace financial literacy: Yes, folks, some of this falls on us. The need to pursue status symbols while having no desire to read the fine print on contracts we sign can get us into mountains of trouble. Financial reform is not going to protect us from these problems -- we must ultimately protect ourselves.
3) The racially imbalanced wealth distribution in America means that black families have far fewer resources to help them when financial times get rough: White families have roughly 20 times more wealth than black families, according to a study by The Institute for Assets and Social Policy. Therefore, when we find ourselves in a financial bind, we are not as likely to have a rich relative or a large inheritance to help us get through. This accentuates the need to save your money.
The most recent financial crisis is only further exacerbated by steady increases in black unemployment. African Americans currently endure a 15.5 percent unemployment rate, which is far greater than the 8.8 percent unemployment rate of white Americans. Although the unemployment rate now shows signs of falling, the damage may be permanent. Add unemployment to few financial resources and a bad loan and you get a recipe for economic disaster.
Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action resident of the Institute for Black Public Policy. To have Dr. Boyce's commentary delivered to your e-mail, please click here. 
Comments: (25)
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By: Mike on 6/18/2010 4:48PM
Are you in despair? Feeling lost and left out. Does reading BV and one story after another about how unfortunate it is to be black got you down? Well cheer up!! The good news is that today, with the modern miracles of cosmetic surgery you can become white! Just do what Michael Jackson do and all your troubles will melt away. Michael turned white years before his tragic death and as a result had many sizzling relationships with white people. Never mind most of them were with young boys. The point is he did it, and you can too. Just follow the encrypted messages that are being beamed to you by the secret organization, yes the same one that infected the black population with AIDS, and you will be on your way to being that white person you always wanted to be. Good luck and have a nice day.
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By: Frank Norman on 6/18/2010 8:22PM
And once you become White there's many privileges in store for you. Here is but a few:
A host of relatives, friends, and friends of friends to get you that job that you're not qualified for (Affirmative action for Whites).
Immunity from police abuse, profiling, and false arrest on trumped up charges. You can even curse, threaten, and act as defiant as you want without fear of having your skull crushed or being shot to death.
Concoct a scheme to defraud others out of thousands, even millions of dollars---and if your caught, don't worry. The chance of you receiving (if your convicted, or even if you plea bargain) a sentence that is commesurate with the crime--is nil.
Possess all the drugs that you desire, because the chance of you being stopped by a policeman for "probable cause"--searched, and arrested will most likely never happen.
In the event that the unlikely happens, and your arrested, tried, and convicted for a drug related crime (there's no pass on murder) don't despair. Probation or rehab is what your likely to receive.
You can be lazy, collect welfare, have out-of- wedlock children, be a prostitute, rape children (Catholic priests included), engage in all sorts of depraved, despicable, immoral, and degenerate activities, and not have your behavior held up as an example of how most (or all) of your race behaves.
Sweet deal, ain't it. Well there's more, much more. So,"be on your way to being the white person you always wanted to be".
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By: Duane on 6/18/2010 10:05PM
@ Frank Norman.. PRICELESS...
..and the sad ignorance of it all is that WHITES don't think blacks KNOW this.. we have been saying this since before-FOREVER! They keep promoting LIES.. as fact when its NOT FACTUAL..
Whites have always been the larger precentage on welfare, handouts and entitlements regardless of what they say, the evidence is out there now-moreso than before, and when you notice the stats they use ..its always from the heavy populated areas of blacks, go to heavy populated white race states and do the numbers, you'll be surprized the percentage of non-whites, compared to whites on welfare, hand-outs and entitlements.. who commit the most murders per capital in white populated states?..what race are the serial killers of this planet? I mean Really?..
The problem is this, blacks don't have the control of the media, who simply are being exploited by whites and other races moreso than whites exploitation..yet cover up the atrocities committed daily by whites across this nation..child molestion is key with white males, has always been-the historic rapist of children.. they are everywhere, and those tagged, what they are doing "now" is not staying in trailor parks searching for neglected children ..because these perverts are to easy to be located if something pops off with them, what these perverts are doing is moving to upper middle class white neighborhoods..masking as upright moral decent tax paying citizens, after all he or she is white..the persona is easily accepted-being white.. because we all know child molester don't come from upper middle class white communities, RIGHT? SO this works for the pervert..until one day months ago, the unthinkable happened, a young girl was murdered by a tagged sexual prevert with a rap sheet in the system. The white female jogger(cali) you might remember..who was rape and killed by a sex pervert tagged, and the the community asked how can this happen in our nieghborhood? WELL dumb-dumb, the justice system released this pervert and then they LOST track of him in the system and DIDN'T go looking for him..until he raped and killed the female jogger in cali. WHITE MALES has alway been given a pass in this nation since plymouth rock.. and blacks are convicted and jailed for doing NOTHING..yes DNA has exonerated quite a FEW lately these days..those lock down for a third of their life for a crime they didn't do, so yes, the state prosecution use BLACKS to score points and build their career resume'- yet building the image for white males to be afraid of blackmales..when white females see or walk pass a blackman/male -she quench her purse..OMG a BLACKMAN I'm afraid of him- how idiotic and paranoid...white males are masters at pick-pocket..it will be your very own who will bump into you on the streets, train anywhere with a flirt and pick you clean white female..just know this you parnoid dumb-dumb..
..AMERICA has it WRONG and had it wrong for a LONG time ..and America will have to PAY for the INTENTIONAL wrong perpetrated against minorities..starting with institutional racism.
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By: Damon Wilson on 6/18/2010 6:47PM
Another great post Dr. Watkins. Thank you for your commitment to increasing the financial awareness of the African-American community. It has been said that knowledge is power. In these days, financial literacy is one of the best assets that any of us can have. On my site www.blackfolksandmoney.com I wrote a blog entitled "Looking Wealthy vs. Being Wealthy." It echoes views expressed in this article.
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By: Terri on 6/18/2010 8:14PM
@Mike..how does it feel to know your race is dying off? The White population is on a steady decline..check the Census! talk your shyt now becuz your white grandchildren will pay dearly for it!
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By: Terri on 6/18/2010 8:16PM
Everyone..type ''White population dying out '' in your search engine and the good news will come up! they're really dissapearing in the European countries! Ha Ha Ha Ha!!
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By: who cares on 6/19/2010 8:33PM
I'm not worried, Whites will always have the majority of the wealth (able to keep you in your section 8 housing and on assistance cause you can't do it without the help of the white man), we will always be more educated {not have a 70% drop out rate), and don't forget that ALL other races are passing blacks in every positive way. You will be displace by Hispanics because of their Religion, believing in Marriage, Work ethic and family. They will be taking all the jobs (if you work) and you will remain on the bottom of the totem pole. You will not have a place at the table.
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By: sedated on 6/18/2010 10:11PM
Interestingly enough, one of the reasons the white race is falling behind is simply because we have a higher moral standard than the Afro hogs pumping out babies out of wedlock. If we had as little self respect as those pigs have, we too could overpopulate the country with fatherless children destined to live their lives as victims, supported by feeding at the public trough. Only to be released into the populous with no saleable skills and having the drive and knowledge to do nothing to work the system other than by getting some other under educated, promiscuous idiot pregnant with a child that will be raised with no father, or self respect. Knowing nothing more than how to abuse the system like his or her mother and father did, perpetuating the cycle of victim/welfare case to feed at the public trough in order to survive and procreate. A vicious cycle that is perpetuated by generation after generation. You can't be stupid forever and survive. Your numbers may be growing but your power constantly erodes simply from your inability to value education, and have some pride in yourselves. You will always be viewed as peasants until you snap out of your self pitying "Victim" image, and accept the challenge of succeeding by educating yourselves and taking what is yours by being smarter than anyone expected. You are on the path of failure until you educate yourselves. Why is that so difficult to understand?
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By: Terri on 6/19/2010 6:56PM
That's right Berated..get all your fears out right here because soon your pale ass will be cleaning my house for me..
White people are living in morbid fear because they know all the dirt they've done to ALL minorities and they know it's time to pay for it.
I think we should hold a trial and let each minority group punish them in whatever fashion they feel fits the crime these devils have done to them. Damn I can't Wait!!!
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By: ApprxAm on 6/22/2010 6:44PM
Charming
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