America's Minority Middle Class Stagnant Recovery PP
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Transcript of America's Minority Middle Class Stagnant Recovery PP
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America’s Minority Middle Class Stagnant Recession
Recovery
NYU LAMI & LANS Presentation
Kenyetta M. LoweryJuly 26, 2014
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Is the Recession Over for Minorities in the Middle Class?
• Disproportionate increase in foreclosure homelessness for minorities
• Narratives of Foreclosure Homelessness
• Foreclosure projections and relief efforts
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Here are the Facts:
Report by the Center for Responsible Lending (CRL)
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Foreclosures by Race Ethnicity and Numbers
Foreclosures by race/ethnicity and shows the number of foreclosures per 10,000 mortgage loans. Minorities affected twice a much compared to White Americans (2007-2009)
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Peter, S. G. "From Foreclosure to the Car to a Shelter Bed." New York Times 19 Oct. 2009: 2pgs. Print.
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From Helping the Homeless to Being Homeless
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The Mobilization that Foreclosed on the Real Issue
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Occupy Wall Street (OWS)• A protest that mobilized September 2011
receiving global attention and starting the Occupy movement against social and economic inequality worldwide.
• “It’s lack of focus on a singular mission…” former Labor Secretary Robert Reich and ex-Lehman vice president Larry McDonald
• Pepitone, Julianne. "Why Occupy Wall Street Fizzled." CNN Money. CNN, 17 Sept. 2013
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Foreclosure Relief
• Making Home Affordable Program (MHA) is a free program administered by the Obama Administration in 2009 to help families avoid foreclosure and strengthen the housing market recovery.
• September 2012 The NAACP/NID-HCA collaborated with the MHA Outreach and Intake Project nationwide to help families struggling with their mortgage payments apply for help from the federal government
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National Association of Real Estate Brokers-Investment Division Inc.,
Housing Counseling Agency
• NID-HCA is a diverse network of advocacy groups, individuals, organizations, housing counselors, real estate professionals, community groups, civic organizations and faith-based organizations committed to ensuring fair housing opportunities for all in urban/minority communities throughout the country.
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Minorities At Greater Risk for Next Recession
• The "State of the Dream" report by United for a Fair Economy in 2013 found that, "Black and Latino families came out of the Great Recession in much more debt relative to their net assets than White families.”
• Black and Latino families owe 53 % and 58 %. White families owe 17%
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What May Help• Financial Education regarding
homeownership
• Financial Assistance in the form of a Stimulus
• Strict Government regulations in lending practices inside and outside the housing market…car loans, payday loans etc…
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Acknowledgements• Allen, Freddie. "Blacks are Less Prepared for
the Next Financial Crisis." The Louisiana Weekly: 11. Apr 2013.
• Bocian, Debbie, Wei Li, and Keith Ernst. "Foreclosures by Race and Ethnicity: The Demographics of a Crisis." Center for Responsible Lending (June 2010): 1-25. Web.
• Dedrick, Asante Muhammad. "Homeowners Struggling with Mortgage Payments Get Help." The Crisis Fall 2013: 45.
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Acknowledgementscont.
• Peter, S. G. "From Foreclosure to the Car to a Shelter Bed." New York Times. Oct 19 2009.
• My Mentor. Latty, Yvonne. Director Reporting New York/ The Nation Professor in Journalism Dept. at NYU
• My Home Institution Edward Waters College Dr. V. Landrum/ Professor of Psychology