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Race for ProfitHow Banks and the Real Estate Industry Undermined Black Homeownership$
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Keeanga-Yamahtta Taylor

Print publication date: 2019

Print ISBN-13: 9781469653662

Published to North Carolina Scholarship Online: January 2021

DOI: 10.5149/northcarolina/9781469653662.001.0001

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PRINTED FROM UNIVERSITY OF NORTH CAROLINA PRESS SCHOLARSHIP ONLINE (www.northcarolina.universitypressscholarship.com). (c) Copyright University of North Carolina Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in NCSO for personal use.date: 20 September 2021

Let the Buyer Beware

Let the Buyer Beware

Chapter:
(p.133) 4 Let the Buyer Beware
Source:
Race for Profit
Author(s):

Keeanga-Yamahtta Taylor

Publisher:
University of North Carolina Press
DOI:10.5149/northcarolina/9781469653662.003.0005

One major problem with the HUD’s response to the urban housing crisis was the quality of the homes made available to working class and poor African Americans. While affordable housing was a government goal, it relied on private businesses that operated in the interest of profit. Additionally, the business of home appraisal was based on the assumption that property value decreased with proximity to African Americans. This racist ideology greatly limited the housing options of working class and poor African Americans. Homes with major issues were deemed inhabitable and sold. Unsuspecting buyers often did not have the disposable income to keep up with home repairs and mortgages. Mortgage lenders made a habit of profiting off houses that went into foreclosure quickly. The HUD was unable to effectively address the predatory practices of the private sector because of low staffing, over-extension, and anti-black racism within the organization.

Keywords:   Racism, Mortgage, Home repair, HUD, Appraisals, Mortgage lender

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