America’s Minority Middle Class Stagnant Recession

Recovery

NYU LAMI & LANS Presentation

Kenyetta M. LoweryJuly 26, 2014

Is the Recession Over for Minorities in the Middle Class?

• Disproportionate increase in foreclosure homelessness for minorities

• Narratives of Foreclosure Homelessness

• Foreclosure projections and relief efforts

Here are the Facts:

Report by the Center for Responsible Lending (CRL)

Foreclosures by Race Ethnicity and Numbers

Foreclosures by race/ethnicity and shows the number of foreclosures per 10,000 mortgage loans. Minorities affected twice a much compared to White Americans (2007-2009)

Peter, S. G. "From Foreclosure to the Car to a Shelter Bed." New York Times 19 Oct. 2009: 2pgs. Print.

From Helping the Homeless to Being Homeless

The Mobilization that Foreclosed on the Real Issue

Occupy Wall Street (OWS)• A protest that mobilized September 2011

receiving global attention and starting the Occupy movement against social and economic inequality worldwide.

• “It’s lack of focus on a singular mission…” former Labor Secretary Robert Reich and ex-Lehman vice president Larry McDonald

• Pepitone, Julianne. "Why Occupy Wall Street Fizzled." CNN Money. CNN, 17 Sept. 2013

Foreclosure Relief

• Making Home Affordable Program (MHA) is a free program administered by the Obama Administration in 2009 to help families avoid foreclosure and strengthen the housing market recovery.

• September 2012 The NAACP/NID-HCA collaborated with the MHA Outreach and Intake Project nationwide to help families struggling with their mortgage payments apply for help from the federal government

National Association of Real Estate Brokers-Investment Division Inc.,

Housing Counseling Agency

• NID-HCA is a diverse network of advocacy groups, individuals, organizations, housing counselors, real estate professionals, community groups, civic organizations and faith-based organizations committed to ensuring fair housing opportunities for all in urban/minority communities throughout the country.

Minorities At Greater Risk for Next Recession

• The "State of the Dream" report by United for a Fair Economy in 2013 found that, "Black and Latino families came out of the Great Recession in much more debt relative to their net assets than White families.”

• Black and Latino families owe 53 % and 58 %. White families owe 17%

What May Help• Financial Education regarding

homeownership

• Financial Assistance in the form of a Stimulus

• Strict Government regulations in lending practices inside and outside the housing market…car loans, payday loans etc…

Acknowledgements• Allen, Freddie. "Blacks are Less Prepared for

the Next Financial Crisis." The Louisiana Weekly: 11. Apr 2013.

• Bocian, Debbie, Wei Li, and Keith Ernst. "Foreclosures by Race and Ethnicity: The Demographics of a Crisis." Center for Responsible Lending (June 2010): 1-25. Web.

• Dedrick, Asante Muhammad. "Homeowners Struggling with Mortgage Payments Get Help." The Crisis Fall 2013: 45.

Acknowledgementscont.

• Peter, S. G. "From Foreclosure to the Car to a Shelter Bed." New York Times. Oct 19 2009.

• My Mentor. Latty, Yvonne. Director Reporting New York/ The Nation Professor in Journalism Dept. at NYU

• My Home Institution Edward Waters College Dr. V. Landrum/ Professor of Psychology