‘A Dream Foreclosed’: How Financial Predators Created a Crisis That Led to 10 Million Americans Being Evicted

By Amy Goodman and Laura Gottesdiener

51Ohn+zxp5L._SY346_PJlook-inside-v2,TopRight,1,0_SH20_As President Obama heads to Phoenix today to tout the “housing recovery,” journalist Laura Gottesdiener examines the devastating legacy of the foreclosure crisis and how much of the so-called recovery is a result of large private equity firms buying up hundreds of thousands of foreclosed homes. More than 10 million people across the country have been evicted from their homes in the last six years. Her new book, “A Dream Foreclosed: Black America and the Fight for a Place to Call Home,” focuses on four families who have pushed back against foreclosures. “The banks exploited a larger historical trajectory of discrimination in lending and in housing that has existed since the beginning of this country. The banks intentionally went into communities that had been redlined, which meant that the Federal Housing Administration had made it a policy to not lend and not to guarantee any loans in minority neighborhoods all throughout most of the 20th century that didn’t supposedly end until well into the 1960s,” Gottesdiener says. “And they exploited that historical reality and pushed the worst of the worst loans in these communities that everyone knew were unpayable debts — that Wall Street knew.”

Read More ‘A Dream Foreclosed’: How Financial Predators Created a Crisis That Led to 10 Million Americans Being Evicted | Alternet.

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About The Soul Brother

An observer to the world. I have a unique view of the world and want to share it. It's all in love from the people of the "blues". Love, Knowledge, and Sharing amongst all is the first steps towards solving all the problems amongst humanity.
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