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Back Story to the Neoliberal Movement (Example: Wells Fargo -…

- - - - The Black Freedom Struggle fo the postwar eara highlighted the existence of structural inequality and racial discrimination as the central explanations for the persistence of deprivation in Black communities in the 1960s
        
        1933 - Home Owners Loan Corporation (HOLC) established - allowed fed gov't to refinance loans directly lend to recently foreclosed homeowners
        
        ex of criteria used by HOLC: desirability of a particiular neighborhood, residneital maps graded communities
        communities with the lowest grades were Black and urban
        
        resulted in the redlining of certain neighborhoods and created a 2 tiered system of home financing
        -> good mortgages should be serviced and made in a different basis in lower grade vs. higher grade areas
        
        Examples of Anti-Black prejudice in state and local ordinances: 1. 1917- Supreme Court ruled against the use of racial zoning laws in the Buchanan vs. Warley case - local laws that tried to dictate where in cities African Americans could rent or own homes 2. 1924 Natioanl REal Estate Board's code of ethics - a realtor should never be instrumental in introducig individuals/race/nationalities whose presence will clearly be detrimental to property values to the neighborhood
        
        1934 - Natioal Housing Act and the creation fot he fEderal Housing Administration: FHA guaranteed mortgages to those who could not afford conventional mortgages
        
        FHA relied on racial and place based analysis in determining where mortgage insurance woul dbe available and to whom
        
        Ex. Homer Hoyt ranked ethnic minorities impact on land value writing
    - - Land-installment contracts (LIC) "rent-to-own" - purchases paid higher interest rates and higher overall costs
        ex. Chicago contract market
        
        1959 survey of SLAs in Cook County - 141 commercial banks made nO loans to African Americans
        
        1963 - on average, Black homeowners paid 73% more for housing than whites even though their median annual income was one half of what it was for whites
        
        1964 - Civil Rights Act made it illegal for federally chartered SLAs to discriminate on the basis of race - other excuses included "unstable family structureS"
    - - Blank residents were paying as much as whites if not more for inferior housing
        
        color tax, slumlordism, bigotry of banks and SLAs that keep African Americans in the gehtto
    - - Jones v. Mayer - banned all housing racial discrimination
        
        ex. Contract Buyers League lawsuit
- - - - institutional racism = cumulative effect of policie,s programs, and practices of public and private organizations causing the exclusion or marginalization of African Americans from the benefits enjoyed by whites