Because the federal government was guaranteeing loans, these banks sold as many homes as possible to African Americans in poor communities-“the riskier the buyer, the better,” as the bank got paid even if borrowers defaulted. Taylor explains how, even early in the program, unscrupulous mortgage banks dominated the market. Keeanga-Yamahtta Taylor’s Race for Profit is clear and methodical as it details how a Great Society initiative designed to end lending discrimination instead became a tool for financial institutions to make money at the expense of the people they were supposed to help. The Housing and Urban Development Act of 1968 is a case study in the way that private industries twist government programs to their advantage.
The University of North Carolina Press ( Oct 21, 2019) How Banks and the Real Estate Industry Undermined Black Homeownership
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