WEEK 6: MORTGAGES

Text 1: The Foreclosure Crisis And Its Impact On Today’s Housing Market

The text examines the 2008 housing crisis, emphasizing the lack of representation of working-class black and brown homeowners in popular films on the topic. It highlights the role of racially biased policies, the growth of subprime loans, and the ethical lapses in the real estate industry. The 1968 Fair Housing Act and the 1977 Community Reinvestment Act are acknowledged, but their flaws and coincidental deregulation in the 1980s contributed to the crisis. The collapse of local thrifts and the rise of securitization spread risk across the economy. Subprime loans disproportionately affected minority communities, perpetuating historical inequalities. The conclusion emphasizes that markets and policies built on a racialized foundation cannot be neutral.

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