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According to Sarah Burd-Sharps and Rebecca Rasch, racial discrimination plays a significant role in the housing market cash, which in return influences on races differently. The similar occasion appears in the subprime mortgage which is caused by the loans to purchase house. The foreclosure crisis in housing market at present which connects with the restriction of purchasing house and the subprime mortgage in the 19th century reflects the further impact of racial discrimination historically.
Racial discrimination leads to the less occupancy of house in the black neighborhood than the white, with a further influence of the wealth gap. The black has been prohibited to own lands for centuries, and the primary approach to get the land, which is homeownership, is barred from departing the black. The house National Housing Act of 1934 by Federal Housing Administration (FHA), does convenience for the white to mortgage has lead the phenomenon that the white has more opportunities to accumulate wealth than the black before the civil-rights laws in the 1960s including the Fair Housing Act in 968, as the home value of the black neighborhood is lower than that of the white neighborhood. Racial bias exists in FHA firmly, and one of its publications announces that neighborhoods ought to refuse the racial integration. The sanctioned racism by the American government in 1963 keeps the black away from the housing market while it provides the chance for the white to accumulate wealth. FHA refuses to offer a mortgage to the black, and even black people can get the loan, it will be limited and can only be adopted to the countryside where are welcome to the white.
The subprime mortgage based on the racial bias in the housing market impact the life of the black negatively. When house is the primary to accumulate wealth, the development of the economics of the black encourages them to purchase house and build wealth with the help of laws to encourage homeownership in minor races in the 1980s. Therefore, it is necessary to get loans to have a house as only a few black people could afford the payment. Though the housing market shows its friendship to the black, the entire society doesn’t do so. The institutional discrimination still occupy certain positions, making the financial institutions have restriction to the black. The high levels of segregation provide a natural market for subprime lending with the result of riskier mortgages. A popular phenomenon in America is that the white is easy to get loans than the black. As a result, some banks develop the program to aim at loans to the large black population. The HUD Treasury Report suggests that black
References
Baptiste, Nathalie. “Them That's Got Shall Get.” American Prospect. Last modified January
18, 2017.
http://prospect.org/article/staggering-loss-black-wealth-due-subprime-scandal-continues-
unabated.
Burd-Sharps, Sarah, and Rebecca Rasch. “Impact of the US Housing Crisis on the Racial
Wealth Gap Across Generations.” Social Science Research Council, June 2015.
HUD Treasury Report. “Curbing Predatory Home Mortgage Lending.” archives.
https://archives.hud.gov/reports/treasrpt.pdf.