Sunday, May 1, 2011

After the crash, communities of color got less help to recover. Surprised?

This is so sad. The Woodstock Institute reports from a study of seven cities that in 2008 and 2009, when interest rates were falling and houses were sinking underwater, conventional refinance loans became a way for majority-white neighborhoods to start recovering -- but in communities of color in the same cities, these types of loans became both hard to get and difficult even to hear about.

One of the cities studied was Rochester, New York. It did especially badly. Wretched news to hear personally because my parents lived in Rochester during the mid-1960s race riots and during the peacemaking efforts thereafter. I grew up thinking the bad old days there were, if not over, at least declining. Maybe it's obvious I've never lived there as an adult.

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