One of the reasons it’s important to learn Critical Race Theory in America, blacks are always at a statistical disadvantage when it comes to everything from Work to income to criminal justice to education to taking a mortgage and home ownership – and the CRT is exploring why that might be, instead of boiling it all down to the fact that black people are inherently inferior.
But since white people, and especially conservative lawmakers, seem determined to bury the CRT below the seventh level of hell to protect our fragile feelings, all we can do is counteract this energy by appointing people to positions that can introduce politics. which can help fight racial divisions.
Marcia Fudge, a black woman elected as Secretary of Housing and Urban Development by President Joe Biden, said student loan arrears are linked to a decline in black home ownership, and she and the Biden administration are working on a plan to remedy the situation.
During an interview that aired on Sunday Axios on HBOFudge was asked why the share of black homeowners has declined, while rates for other racial groups have risen.
“Part of our problem is that we never fully applied Fair Housing ActFudge replied. “This is why we do things like help homeowners, why we solve the problem of student loans, why we look at how loans are distributed. For people of color, especially blacks, home ownership is wealth. For us, this is not only wealth, but also the wealth of generations. “
“Who has student debt? Poor people, black people, brown people, ”Fudge continued. “We are the people with the most debt. And so the system is already leaning towards not being creditworthy. “
“If they want to buy a house – maybe $ 200,000 or so – [if] they have a student debt of $ 75,000 and they don’t qualify, ”she said. “As soon as we make the adjustments we’re going to make, that same person will be eligible.”
She said that this hypothetical person would “qualify for a rate that would enable them to enter a home with some equity, but would also be so attached to that home that they could afford to stay in that home.”
So what’s the Biden administration’s big plan to turn things around for the better? Well HUD announced The Federal Housing Authority (FHA) is updating “its calculations of monthly student loan payments to take steps to remove barriers and provide more access to affordable FHA-insured single-family mortgage financing for creditworthy individuals with student loan arrears, which is disproportionate. influence on people of color. “Policy changes are set out in letter posted to FHA-approved mortgage lenders on Thursday.
So that’s it, folks – some people choose to bury themselves in the sands of white racism and pretend that racial issues don’t exist in America, while others at least seem willing to face the truth and take steps to bring about change.