Where Credit is Due

While much recent attention has been focused on the subprime lending and foreclosure crisis, little has been said about its radically-disparate impact. Drawing upon history as well as insight into the current crisis, this book shows that this crisis is not an anomaly, especially for people of color; nor is it over. People of color have been excluded from wealth-building opportunities via homeownership continuously throughout United States history, from the outright denial of credit and residential racial discrimination, to federally-sponsored urban renewal programs. The subprime lending and foreclosure crisis is predicted to strip a quarter of a trillion dollars in wealth from black and Latino homeowners. It has reversed home ownership gains for people of color and has decimated neighborhoods across the United States while impacting local, regional, national, and international economies. The consequences are devastating. This collection of essays provides a framework for creating equitable policy and ultimately building more stable communities for all Americans.

“There is, perhaps, no more powerful illustration of contemporary structural racism than the exponential growth of unfair and unequal credit and lending practices that served as kindling for what became the fire-the subprime mortgage crisis This book is a seminal contribution because it has the potential to help move readers and policy makers beyond denial of the multifaceted, racially-based drivers of financial practices, policies, and our economy.--Gail C. Christopher, DN, vice president for program strategy, W.K. Kellogg Foundation”

There is, perhaps, no more powerful illustration of contemporary structural racism than the exponential growth of unfair and unequal credit and lending practices that served as kindling for what became the fire-the subprime mortgage crisis…This book is a seminal contribution because it…has the potential to help move readers and policy makers beyond denial of the multifaceted, racially-based drivers of financial practices, policies, and our economy. -- Gail C. Christopher, DN, vice president for program strategy, W.K. Kellogg Foundation
...An understanding of this issue is essential to preparing our country to complete in the 21st century global economy as people of color become the majority. -- Roger A. Clay Jr., president, Insight Center for Community E

Christy Rogers is a senior researcher at the Kirwan Institute for the Study of Race and Ethnicity at The Ohio State University. Rogers focuses on equitable neighborhood revitalization and housing policy issues, and has jointly authored many Institute reports, including "Communities of Opportunity: A Framework for a More Equitable and Sustainable Future for All." john a. powell is the executive director of the Kirwan Institute for the Study of Race and Ethnicity. He holds the Gregory H. Williams Chair in Civil Rights & Civil Liberties at the Moritz College of Law. Previously, powell founded and directed the Institute of Race and Poverty at the University of Minnesota. He has also served as director of legal services in Miami, Florida and was the national legal director of the American Civil Liberties Union.

While much recent attention has been focused on the subprime lending and foreclosure crisis, little has been said about its radically-disparate impact. Drawing upon history as well as insight into the current crisis, this book shows that this crisis is not an anomaly, especially for people of color; nor is it over. People of color have been excluded from wealth-building opportunities via homeownership continuously throughout United States history, from the outright denial of credit and residential racial discrimination, to federally-sponsored urban renewal programs. The subprime lending and foreclosure crisis is predicted to strip a quarter of a trillion dollars in wealth from black and Latino homeowners. It has reversed home ownership gains for people of color and has decimated neighborhoods across the United States while impacting local, regional, national, and international economies. The consequences are devastating. This collection of essays provides a framework for creating equitable policy and ultimately building more stable communities for all Americans.

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