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3e16906
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In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.
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real-estate
recession
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Michael Lewis |
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7904677
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"The simple measure of sanity in housing prices, Zelman argued, was the ratio of median home price to income. Historically, in the United States, it ran around 3:1; by late 2004, it had risen nationally, to 4:1. "All these people were saying it was nearly as high in some other countries," says Zelman. "But the problem wasn't just that it was four to one. In Los Angeles it was ten to one and in Miami, eight-point-five to one."
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real-estate
recession
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Michael Lewis |
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47851e8
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"The American real-estate industry believed segregation to be a moral principle. As late as 1950, the National Association of Real Estate Boards' code of ethics warned that "a Realtor should never be instrumental in introducing into a neighborhood ... any race or nationality, or any individuals whose presence will clearly be detrimental to property values." A 1943 brochure specified that such potential undesireables might include madams, bootleggers, gangsters - and "a colored man of means who was giving his children a college education and thought they were entitled to live among whites." The federal government concurred. It was the How Owners' Loan Corporation, not a private trade association, that pioneered the practice of redlining, selectively granting loans and insisting that any property it insured be covered by a restrictive covenant - a clause in the deed forbidding the sale of the property to anyone other than whites. Millions of dollars flowed from tax coffers into segregated white neighborhoods. "For perhaps the first time, the federal government embraced the discriminatory attitudes of the marketplace," the historian Kenneth R. Jackson wrote in his 1985 book, Crabgrass Frontier, a history of suburbanization. "Previously, prejudices were personalized and individualized; FHA exhorted segregation and enshrined it as public policy. Whole areas of cities were declared ineligible for loan guarantees." Redlining was not officially outlawed until 1968, by the Fair Housing Act. By then the damage was done - and reports of redlining by banks have continued."
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housing-loans
real-estate-history
redlining
housing-discrimination
mortgage
institutionalized-racism
real-estate
loans
segregation
black-history
us-history
mortgages
property
housing
discrimination
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Ta-Nehisi Coates |
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361451e
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You hate America, don't you?' 'That would be as silly as loving it,' I said. 'It's impossible for me to get emotional about it, because real estate doesn't interest me. It's no doubt a great flaw in my personality, but I can't think in terms of boundaries. Those imaginary lines are as unreal to me as elves and pixies. I can't believe that they mark the end or the beginning of anything of real concern to a human soul. Virtues and vices, pleasures and pains cross boundaries at will.
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personality
boundaries
elves-and-pixies
imaginary
real-estate
virtues-and-vices
pains
pleasures
flaws
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Kurt Vonnegut Jr. |