Wamara Mwine, Politics in Color
- In a conference call with minority journalists on Monday, Secretary Housing and Urban Development (HUD) Shaun Donovan outlined the Obama Administrations plans to address foreclosures within the African-American community.
Describing the sub-prime and predatory mortgage loans that have predominately affected African-American homeowners. Donovan said in New York that the high-cost loans affected both low to middle-income blacks more than white homeowners. During the conference call Donovan said, “Fair housing enforcement was neglected under the prior administration.”
A study by the Economic Policy Institute found that “the median net worth for blacks was $11,800, compared with $118,300 for whites. When home equity was subtracted, blacks had $300 in net assets while whites had $36,100.” EPI Outreach Director Christian Dorsey says, “Wealth provides a more complete picture in terms of the ability to purchase education, move into a bigger home and provide a greater nest egg for retirement.”
