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Recent Articles

Redlining targets Black Minnesotans and neighborhoods

Wells Fargo leads pack according to U of M report on sub-prime lenders

By Charles Hallman
Staff Writer

 

A new University of Minnesota Law School study shows that Blacks and other communities of color and low-income residents in the Twin Cities still lack access to credit. It is an update of a 2009 study that found that Blacks and Latinos — even with “very high income[s] — were much more likely to get sub-prime loans than very low-income White applicants.”

“It’s hard to believe that systemically a Black family that is making $157,000 a year is less likely to qualify for a prime loan than a White family that earns 40 [thousand a year],” noted Myron Orfield, the director of the Institute on Metropolitan Opportunity, which is housed at the U of M Law School. The report also shows that Blacks and other people of color who live in two North Minneapolis neighborhoods had the highest number of sub-prime loans compared to Whites in the same neighborhoods: 59 percent for people of color compared to 42 percent Whites in Near North; and 55 percent for people of color in Camden compared to 29 percent for Whites. These two areas also “were most dramatically affected” among Twin Cities neighborhoods. “Our report [reveals] discrimination in lending against individuals on the basis of race, and also discrimination in lending against neighborhoods on the basis of race,” noted Orfield, who heads the U of M Law School’s

Institute on Metropolitan Opportunity (IMO). Continue Reading →

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You can always do the right thing

 

As we enter the season when folks think about peace and goodwill toward all, I am struck by the many times folks have an opportunity to make a difference to actually change things — or at least make a dent in injustice — but when they are confronted with the opportunity, they pass. Everyone on some level, I believe, knows that we live in a society and in a world that is desperately in need of change. Our society in particular is clearly in need of more love and concern and compassion. Most people want to see their neighbors do well. I think it’s safe to say that most folks think that people should be able to eat, have clean drinking water, shelter, clothing and work that provides a sufficient living as well as dignity. Continue Reading →

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Stand with Rose McGee: She is like us

 

If you haven’t heard by now, you should have heard that our friend Rose McGee is in danger of losing her house. The long and the short of it is that because of a brief unemployment she got behind on her mortgage. Citi-Mortgage made her think that they were going to work with her to modify her loan, but while having her file dozens of documents supposedly to help modify her loan, the bank started foreclosure procedures at the same time. The practice is called dual tracking and has become a common trick of the banks. Rose is simply seeking a loan modification. Continue Reading →

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