One of my two favorite NPR shows is “Wait Wait… Don’t Tell Me!” Two special weekly segments are “Bluff the Listener” and “Not My Job”— pertinent portrayals of the Trump Presidency.
The other is Marketplace. My work schedule often has me driving home when it airs at 6:30 pm CT. Those who know my community development origin story can imagine my surprise when on February 15th, the first words I heard on my car radio were:
“this law — the Community Reinvestment Act — did not foresee a lot of the urban dynamics that we have today.”
Marketplace host Kai Ryssdal was interviewing Aaron Glantz, a reporter at Reveal, from the Center for Investigative Reporting, who was sharing his new article, “Kept Out,” which explores how redlining lives on in today’s economy.
April 11th this year will be the 50th Anniversary of the federal Fair Housing Act that banned racial discrimination in lending. Yet, as this article reveals, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts.
I started my community development career in 1974 researching lending discrimination and sharing stories of communities throughout the US who were organizing against redlining. On May 5, 1975, Chicago’s Gale Cincotta joined community leaders from Milwaukee, Oakland, Indianapolis, Cincinnati, Boston and Providence who testified before the U.S. Senate Banking Committee in support of the Home Mortgage Disclosure Act [HMDA], passed by Congress later that year.
Reveal’s yearlong analysis, based on 31 million records, found modern-day redlining persisted in 61 metro areas even when controlling for applicants’ income, loan amount and neighborhood, according to a mountain of HMDA records analyzed. It found a pattern of troubling denials for people of color across the country, including in major metropolitan areas such as Atlanta, Detroit, Philadelphia, St. Louis and San Antonio. African Americans faced the most resistance in Southern cities – Mobile, Alabama; Greenville, North Carolina; and Gainesville, Florida – and Latinos in Iowa City, Iowa.
In addition, Glantz told Marketplace that there are a “lot of neighborhoods where banks are making a ton of loans to white newcomers at the same time that they’re denying a large proportion of people of color who want to buy or refinance or get a home improvement loan to stay in that same neighborhood.” Nothing like financing gentrification and reverse block busting to make housing even less affordable.
Given how the Consumer Financial Protection Bureau is already being dismantled, we can anticipate that all Trump financial regulators will be “bluffing” when it comes to enforcing the Community Reinvestment Act [CRA] while encouraging a Republican Congress to repeal it and not even bother replacing it. We can also be certain that building local economies and encouraging racial and economic diversity will be regarded by Trump as “Not My Job!”
That’s why it’s still our job. It’s why you should attend the Just Economy conference of the National Community Reinvestment Coalition [NCRC] on April 9 – 11 in DC.
Our communities can’t afford to be “kept out” any longer. It’s time for a #JustEconomy
Oh by the way, Happy President’s Day?