Subprime Lending Crisis Gets Racial Perspective

From UFE's February 2008 Enews

Our report, "Foreclosed: State of the Dream 2008," is getting a lot of attention. Co-authors Amaad Rivera, Brenda Cotto-Escalera and Dedrick Muhammad have given voice to the racial aspects of the subprime loan crisis on CSPAN, Democracy Now!, and NPR's Talk of the Nation. Numerous media outlets have also featured findings from the report and many people are responding and taking action.

By pointing out the destructive nature of predatory loans for people and communities of color, we hoped we would make people see the issue in a new way. We are pleased that it seems to be working. For example, we've heard from federal policy makers as well as many social justice and social change organizations.

This February as we honor the legacy of African Americans, with the lens of an impending recession, we cannot forget the words of Martin Luther King Jr. "Now is the time to make real the promises of democracy. Now is the time to rise from the dark and desolate valley of segregation to the sunlit path of racial justice."

As we exposed the reality of the greatest loss of wealth for people of color in modern history, we hope we have moved people to demand what King described as "lifting our nation from the quicksands of racial injustice."

Go to the main report page.

See the list of press coverage.

Read Michelle Singletary's Washington Post column.

See the full Enews for February 2008.