Connect with us

Op-Ed

Beyond the Rhetoric: Dream of Homeownership a Nightmare for Blacks

Published

on

HarryAlford2

By Harry C. Alford
NNPA Columnist

 

Without argument the sub-prime mortgage crisis was the most devastating economic attack against Black America in history. We saw it coming, but did nothing about it. Mainstream banks such as Wells Fargo showed no shame in fleecing Black communities. Fannie Mae and Freddie Mac (two government sponsored enterprises) strayed way off their charters and soaked up severe amounts of risk. It began to crumble in 2008 and within two years, Black America lost more than 35 percent of its collective net worth. The saddest thing is that this fiscal slide has yet to stop for us.

The Dodd-Frank Act, which was supposed to stop the bleeding, has made things worse. Credit requirements and mountains of paperwork are prohibiting much of the Black population from capital access. Mortgages in our communities are still becoming less and less available. The U.S. Department of Housing and Urban Development (HUD) seems to have no focus on this matter. It is sidetracked with looking at housing discrimination. After six years of being under the administration of a Black president, we are worse than ever before.

According to The Joint Center for Housing Studies of Harvard University’s annual “State of the Nation’s Housing, “Overall, home ownership, the cornerstone of the American Dream, is down to 63 percent, a far cry from the 69 percent registered in 2004. Those figures, however, are much worse for minorities, especially Blacks. The homeownership rate for minorities continues to lag: It peaked at 51.3 percent in 2004, and has now fallen to 47.2 percent. Of all minority groups, African Americans have the lowest rate of homeownership, just 43.8 percent.”

It is getting worse. The key to American homeownership were our two Government Sponsored Enterprises (GSE) – Fannie Mae and Freddie Mac. After World War II and the beginning of the mortgage component within the GI Bill of Rights, our nation went into a housing boom and created a viable middle class with home equity being the biggest part of a family’s net worth. This gave Americans a big advantage over people in other nations who had no GSE programs. So now guess what the Obama administration is trying to do? They want to kill Fannie Mae and Freddie Mac. Instead of policing the programs and allowing them to grow back to their former greatness of allowing home mortgages throughout our nation, they want to put a bullet through their heads. This is very serious and it is going through the courts.

It is so serious that the National Black Chamber of Commerce is jumping into the fray. We have filed an amicus, called friend of the court, brief in the federal court of appeals. Here is an overview that we formally submitted:

Amicus curiae the National Black Chamber of Commerce (“NBCC”) is a nonprofit, nonpartisan organization dedicated to the economic empowerment of African-American communities through entrepreneurship. Incorporated in 1993, the NBCC represents nearly 100,000 African-American owned businesses and advocates on behalf of the 2.1 million Black-owned businesses in the United States. The NBCC has more than 190 affiliated chapters located throughout the nation, as well as international affiliates in, among others, the Bahamas, Brazil, Colombia, Ghana and Jamaica.”

“Because the NBCC is dedicated to creating economically-thriving African-American communities, it is extremely concerned about the prospect that the Federal Housing Finance Agency (“FHFA”) will effectively eliminate Fannie Mae and Freddie Mac. The NBCC believes that without those corporations providing for affordable credit, African-Americans will be disproportionately unable to obtain conventional mortgages. Thus, if the FHFA is allowed to complete its attempted liquidation of Fannie Mae and Freddie Mac, affordable credit may well dissipate for minorities (who already have a very difficult time obtaining loans). The NBCC therefore asks this Court to consider these interests in the course of its deliberations on this case.”

The above is our Statement of Interest portion of the Amicus Brief, which is 18 pages long. We must make all of Black America aware of this. Does the Congressional Black Caucus have a concern? What about all of those Civil Rights organizations that have been around since the beginning of the 20th Century? What is their position on home ownership? How about the National Black Caucus of State Legislators? I don’t find the outrage anywhere.

If the federal government has its way, the future of mortgages will be up in the air. Our subdivisions will turn to blankets of rentals and their values will sink much further than they have already done. That’s why we are fighting this. Our financial future is on the line and it could have a negative impact on the quality of life for our children, grandchildren and their children. We have no choice but to fight.

 

Harry Alford is the co-founder, President/CEO of the National Black Chamber of Commerce®. Website:www.nationalbcc.org Email: halford@nationalbcc.org.

###

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Activism

EDITORIAL: Don’t Let Politicians Decide the Future of Journalism – Why We Oppose SB 911

Redirecting the $25 million to advertising or outreach on the many issues these communities now face is the best use of state funds. Create mandates that steer a fairer share of marketing dollars for issues like the drought, housing, wildfires, climate change, or health care to our media sector and that will reach the underserved audiences the state needs to reach, rather than wasting time and money on a costly administrative process in the name of ethnic media.

Published

on

As advocates of the ethnic media sector, we work with ethnic media practitioners every day. Among our top objections to SB 911 is that it promotes a one-size-fits all model to local and ethnic journalism.
As advocates of the ethnic media sector, we work with ethnic media practitioners every day. Among our top objections to SB 911 is that it promotes a one-size-fits all model to local and ethnic journalism.

By Regina Brown Wilson and Sandy Close

What could go wrong when politicians in Sacramento decide the future of  journalism?

The California Legislature could soon provide the answer. SB 911 — authored by Senator Steve Glazer – is the subject of a debate on how $25 million in state surplus funds should be distributed to local and ethnic journalism. If it is passed, we believe the bill would drive a stake in the heart of the independent ethnic media sector.

Ethnic media takes pride in being rooted in their communities and sounding an independent advocacy voice — accountable to the communities ​they serve. Back in 1827 the mission statement of Freedom Journal was proudly this: “We wish to plead our own cause, too long have others spoken for us.”

As advocates of the ethnic media sector, we work with ethnic media practitioners every day. Among our top objections to SB 911 is that it promotes a one-size-fits all model to local and ethnic journalism.

In fact, for many decades, most ethnic media have operated as for-profit businesses. You can see on ​the mastheads — Sentinel, Voice, Guardian, Crusader — the call to our communities. Mainstream media has often disparaged ethnic media ​as advocacy media,​without understanding the unique role we play for our readers.

SB 911 is promoting a “nonprofit” model that would expressly forbid ethnic media from endorsing political candidates or lobbying for or against proposed legislation. It would silence ​them!

SB 911 establishes a board of political appointees to administer state money that would be costly and time consuming to set up and would wind up determining the criteria for how government doles out support for local journalism for years to come. Ethnic media might have two representatives on that board. But the majority on the pane​l would have no direct knowledge of the unique role of ethnic media or how ​they work. The last thing ethnic media needs are people with little experience in their communities determining what kind of media those communities need.

This scheme puts ethnic media in a competition to gain the approval of a board of political appointees. ​They would end up dependent on this board. In fact, ​they would end up dependent on grants or government agencies instead of local communities that have long supported ​them.

As currently written, the bill would allow media startups – including many in the nonprofit space – that have operated for only one or two years to qualify for support. This language fails to acknowledge the contributions made by established media that have worked for decades to serve their communities and sustain themselves.

SB 911 shines a spotlight on the dire straits many ethnic media find themselves in, especially following the business shutdowns from the pandemic, inflation, and a possible recession, let alone the demands of adapting to the digital world. But we’re not prepared to greenlight the bill as currently written for the sake of whatever share of the $25 million the board bestows to individual outlets after their own admin costs are met.

We urge the Legislature to consider far more productive ways of supporting the ethnic news sector much as it did with efforts promoting the 2020 Census when it increased the advertising dollars earmarked for ethnic media from $15 million to over $85 million, recognizing that only ethnic media could deliver truly inclusive outreach to the diverse communities that now make up the state.

Redirecting the $25 million to advertising or outreach on the many issues these communities now face is the best use of state funds. Create mandates that steer a fairer share of marketing dollars for issues like the drought, housing, wildfires, climate change, or health care to our media sector and that will reach the underserved audiences the state needs to reach, rather than wasting time and money on a costly administrative process in the name of ethnic media.

The non-profit model works well only for a small number of ethnic media news agencies; they are convenors and informers of community, they fit the category of mission-driven journalism, we applaud them for their work.

But one size does not fit all media, especially given the diversity of ethnic news outlets. Don’t ask ethnic media to transform ​themselves into a model that reduces ​their interdependence with community. “Too long have others spoken for us.” That’s what SB 911 does and why we must oppose it.

About the Authors

Regina Brown Wilson is executive director of California Black Media, the oldest advocacy organization supporting locally-owned Black media.

Sandy Close is director of Ethnic Media Services and former executive director of New America Media/Pacific News Service.

Continue Reading

Activism

COMMENTARY: How Dare They Deny Our Right to Vote on Public Funds

The voters never asked to weigh in on whether the A’s should be allowed at Howard Terminal. They only wanted to give an advisory vote on whether the City should spend $1 billion of public infrastructure funds for a privately owned ballpark and luxury condominium complex.

Published

on

If Oakland City Council members continue in their refusal to allow voters a say in agreeing to a bad deal, the voters always have the right to overturn the Council’s action by referendum vote.
If Oakland City Council members continue in their refusal to allow voters a say in agreeing to a bad deal, the voters always have the right to overturn the Council’s action by referendum vote. 

By Kitty Epstein

On July 5, the City Council rejected the request of Oakland voters to place a measure on the 2022 ballot to allow them to weigh in on whether the City should spend public funds on infrastructure for billionaire A’s owner John Fisher’s privately owned baseball stadium and luxury condominium project at Howard Terminal.

Along with 800 likely voters, 76% of us said ‘yes’ to a survey by a nationally acclaimed polling firm that asked if we wanted to be heard before the City spent public money on infrastructure and other costs associated with the A’s development project. We followed that by getting 12,000 signatures on petitions sent directly to the Council demanding that they place the question on the Nov. 8, 2022, ballot.

But the Council folded under the bullying tactics and rejected the ballot question with several phony excuses, including:

  • Money for the A’s is not coming out of the general fund
  • The project is too complicated for the voters to understand
  • There is no deal yet, so it is premature to ask voters their opinion

The voters never asked to weigh in on whether the A’s should be allowed at Howard Terminal. They only wanted to give an advisory vote on whether the City should spend $1 billion of public infrastructure funds for a privately owned ballpark and luxury condominium complex.

More than 100 speakers told the Council that public funds include money from the city, the county, the state, and the federal government. These are dollars that should not be committed to a ballpark and luxury condos when Oakland has surging homelessness and public safety emergencies.

In the end, the City Council gave in to construction unions who want to build the ballpark and luxury condos and they bent their collective knee to the A’s owner who doesn’t care about Oakland. By siding with billionaire Fisher and the unions, the Council let their own constituents down.

Two brave Councilmembers — Noel Gallo and Carroll Fife — favored the public’s right to vote. Councilmembers Dan Kalb, Niki Fortunato Bas, Sheng Thao, Loren Taylor, and Treva Reid ignored the pleas of their constituents and voted against placing an advisory vote on the ballot.

As an extremely disappointed voter who participated in the poll and one of the 12,000 who signed petitions supporting a right to vote, I want to make sure all Oaklanders know who let them down and what they can do about it.

Councilmembers Thao, Taylor and Reid are running for Mayor. Councilmember Bas is running for re-election. These people think voters cannot be trusted to advise on whether public money should be spent on the A’s, but they want those same voters to elect them to office.

Councilmember Fife pointed out the duplicity of their position. She said the public will have their say in November one way or another. “Even if this (ballot vote) doesn’t move forward today, it will be in front of the Oakland voters in November in the form of who they vote for, for re-election.”

I respect some important actions taken by the Council this year on issues like the business tax. However, if they can’t stand up to the construction trades leadership who are predominately white, and right-wing billionaire Fisher on this critical Oakland matter, what other negative actions will they take on similar projects and on requests from their constituents?

This fight is far from over. If Oakland City Council members continue in their refusal to allow voters a say in agreeing to a bad deal, the voters always have the right to overturn the Council’s action by referendum vote.

That is even more likely now that the Council has added insult to injury by rejecting the right to vote and bending their knees to the whims of the A’s owner.

Continue Reading

Activism

COMMENTARY: Start Now to Take Back the Supreme Court 

Thanks to the anti-democratic Electoral College, Donald Trump was elected in 2016 even though almost 3 million more Americans voted for Hillary Clinton. Republican Senate leader Mitch McConnell prevented the Senate from even considering President Barack Obama’s Supreme Court nomination so that Trump could fill it instead—and then rushed Trump’s third justice onto the court even as voters were casting ballots to remove Trump from office.

Published

on

Ben Jealous serves as president of People for the American Way and Professor of the Practice at the University of Pennsylvania.

By Ben Jealous

Did you ever wonder whether elections really matter? Well, the Trump Supreme Court majority has answered that question for good.

Or, more accurately, they have answered it for bad.

In the term that has just ended, the new far right-wing majority on the Supreme Court went on a rampage. They have torn up decades of legal precedent to diminish Americans’ rights and legal protections. To justify the results they wanted, they lied in their rulings the way some of them lied to get on the court. It has been a shameful display of power politics disguised as judging.

Not surprisingly, the most attention has been paid to the Court majority overturning the 50-year-old Roe v. Wade decision. A constitutional right that has made a huge difference in the lives of generations of women was wiped away. The impact will be devastating and deadly.

Millions of individuals and couples dealing with unwanted pregnancies, the trauma of rape or incest, life-threatening pregnancy complications, or even a miscarriage that some intrusive government official decides is suspicious, will have their options severely limited or eliminated entirely.

We know that those restrictions and their consequences will fall most harshly on already vulnerable people, including Black people, LGBTQ+ people, people with disabilities, and low-income people. Already in Missouri, a major health care system will no longer treat rape victims with emergency contraception because the state abortion ban puts medical care providers at legal risk.

Anti-abortion state legislators seem to be in competition to see who can pass the most extreme, intrusive, and controlling laws. Some are even trying to limit people’s right to travel from one state to another, targeting anyone who helps a person from a state that bans abortion get care in a state that permits it. It reminds me of the old fugitive slave laws that forced free states to help slave states deny people their freedom.

Unfortunately, overturning Roe is just one of the harmful decisions handed down by the Trump Court.

The Court intervened in voting rights cases to protect gerrymandering designed to limit Black voters’ access to political power. This comes on top of other rulings gutting the Voting Rights Act.

The Trump Court went after sensible regulation of guns. The far-right justices overturned a New York law more than 100 years old that required people to show a good cause to get a permit to carry concealed firearms.

Communities that are already suffering from the effects of gun crime are likely to experience even greater violence now that the court has robbed public officials of options and given the extremist pro-gun political agenda the power of law.

The court also further dismantled the separation of church and state, which protects religious freedom and preserves equality under law for people regardless of their religious beliefs. The Trump court took a wrecking ball to this pillar of American society. It is forcing states to divert tax dollars to religious schools, like some Southern states did when they funded white evangelical segregationist academies that emerged in resistance to the Supreme Court’s Brown v. Board of Education decision outlawing racially segregated public schools.

This court has made it easier for public officials, like teachers, to coerce students into prayer or other religious practices. This is a very clear threat to anyone whose faith is different from the one dominant in their community or state.

In other words, the U.S. Supreme Court, which we counted on for generations to uphold civil rights and tear down obstacles to equality, is now acting as an arm of the increasingly aggressive far-right political movement.

How did we get here?

Simple.

Thanks to the anti-democratic Electoral College, Donald Trump was elected in 2016 even though almost 3 million more Americans voted for Hillary Clinton. Republican Senate leader Mitch McConnell prevented the Senate from even considering President Barack Obama’s Supreme Court nomination so that Trump could fill it instead—and then rushed Trump’s third justice onto the court even as voters were casting ballots to remove Trump from office.

Behind Trump and McConnell was a massively funded, decades-long campaign to build the political power to take control of the judiciary.

In other words, winning the presidency and controlling the Senate gave the far right the power to force its harmful agenda on the American public long after voters rejected Trump. Taking the Court back from the extremists who now control it will be a long-term project. It starts with this year’s elections.

Ben Jealous serves as president of People for the American Way and Professor of the Practice at the University of Pennsylvania. A New York Times best-selling author, his next book “Never Forget Our People Were Always Free” will be published by Harper Collins in December 2022. 

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending