Tuesday, January 22
12 noon to 2 pm
HUD 451 7th Street, SW
On January 22, we rally at the federal government Housing and Urban Development (HUD) office to demand a moratorium on home foreclosures, and comprehensive federal intervention to restructure loans, and not foreclosure and repossess our people’s homes. 40 years after the passage of the Fair Housing Act and the assassination of Dr. King in 1968, we rally in his tradition, combining mass action with legislation and litigation to confront discriminatory, predatory lenders at the federal, state and local levels.
Today our country faces a foreclosure crisis brought on by reverse redlining and abusive subprime lending. This crisis is not an accident. It was orchestrated by powerful financial interests who are now attempting to walk away while hardworking Americans, who thought they were playing by the rules, face the loss of everything they’ve worked for.
Dr. King called for civil equality – or in today’s language, Equanomics – measurable, quantifiable racial and economic equality to confront institutional discrimination and structural inequality. We demand justice for the victims of this massive financial scam. We must bailout the individuals and homeowners who were exploited, not just the corporate giants who did the exploiting.
The Department of Housing and Urban Development (HUD) must play a role in alleviating this crisis. “HUD’s mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination.”
Where was the Bush Administration and HUD as this crisis developed— as America’s major financial institutions supported or directly engaged in clearly discriminatory lending practices?
The facts are clear:
In 2005 and 2006, over 50% of all loans made to African-Americans and over 40% to Latinos were subprime compared to only 19% for white borrowers.
African-American and Latino borrowers were victims of steering. A Wall Street Journal analysis says that 55% of subprime loans went to borrowers with good credit, and data from a study by First American Loan Performance, a San Francisco research firm, says the proportion rose even higher by the end of 2006, to 61%.