Not surprising. Obama presided over the largest drop in home ownership among Black Americans in our country’s history, so why would we expect him to give a shit about the Black community now?
edit: You can downvote uncomfortable facts all you want, but you can’t change history. Obama’s policies were a disaster for Black wealth.
Look at all the graphs for the other races linked on that page. They all follow the same curve. Homeownership across the board followed that curve, not just for black Americans. You have an obvious agenda.
Obama didn’t get to determine the state of the economy when he took over, but he had the largest mandate of any modern president and his economic recovery plan failed to deliver for anyone except bank owners.
“What it shows is we bailed out Wall Street — that wasn’t entirely Obama’s doing at all, that was Bush and the Federal Reserve, Ben Bernanke, and so forth — but housing was almost entirely under his control. Homeowners were not bailed out,” Ryan Cooper, one of the report’s authors, told The Intercept about the findings of the report.
The authors singled out the Home Affordable Modification Program for censure for seeking to incentivize mortgage services to modify loans.
The failures of HAMP are well-documented — it ended up helping big banks and doing very little for homeowners.
The authors suggest that the New Deal’s Home Owners’ Loan Corporation is a model that may have yielded different outcomes. HOLC purchased mortgages directly and refinanced them, but such a model of direct government intervention and control of an economic problem has been anathema to modern government officials.
What’s wild is that an HOLC-type solution as the auuthors suggest also would have bailed out the banks. It just would have done so in a way that saved homeowners too. Obama specifically pursued a policy that bailed out the banks without saving the homeowners.
Not surprising. Obama presided over the largest drop in home ownership among Black Americans in our country’s history, so why would we expect him to give a shit about the Black community now?
edit: You can downvote uncomfortable facts all you want, but you can’t change history. Obama’s policies were a disaster for Black wealth.
Obama took over after the housing market fell out from under the entire country and the economy was in complete recession…
And his response to that recession was to give money to banks and ask them politely not to foreclose on people. We see how well that worked.
The guy who offered first time home buyers 8k? Lol.
Observe the slow, uninterrupted decline that starts in 2004, doesn’t reverse during Obama’s term, and in fact doesn’t see any positive movement until late in Trump’s term, when COVID relief was being handed out.
Look at all the graphs for the other races linked on that page. They all follow the same curve. Homeownership across the board followed that curve, not just for black Americans. You have an obvious agenda.
What policies of Barack Obama do you think contributed to this?
Do you believe the president actually has a role in determining whether black people can achieve home ownership?
Obama didn’t get to determine the state of the economy when he took over, but he had the largest mandate of any modern president and his economic recovery plan failed to deliver for anyone except bank owners.
What’s wild is that an HOLC-type solution as the auuthors suggest also would have bailed out the banks. It just would have done so in a way that saved homeowners too. Obama specifically pursued a policy that bailed out the banks without saving the homeowners.