“The spaces the Black community had carved out, the restaurants we’d established, the communities we’d become a part of, were all fading out.”
Congresswoman Maxine Waters and the African American members of the House Financial Services Committee were recently honored by the NNPA - the Black Press of America - for their work to strengthen the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
As the foreclosure crisis worsens, the Federal Reserve Board (the Fed) is proposing rules to restrict abusive mortgage lending practices. While this is a good step, 32 California groups assert that not enough is being done to help working families and their neighborhoods, encouraging stronger rules to protect families from being sold loans they cannot afford.
The subprime mortgage crisis will cause African-Americans to experience wealth losses of between $71 billion and $122 billion over its duration.