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Homeownership: Through the Eyes of Black America

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Homeownership: Through the Eyes of Black America The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles On Friday, the American Mortgage Diversity Council (AMDC) presented a webinar titled “The State of Housing in Black America,” that addressed the struggles faced by the African-American community in areas of homeownership.It also explored the level of progress made as well as the steps to ensure equal housing opportunity for all. Providing historical context and how it connects to the current issues at hand, Charmaine Brown, Director, External Outreach and Engagement, Office of Minority and Women Inclusion at Fannie Mae, recalled the first 250 Years in America, wherein African-Americans had no property rights, and were locked out of the American Dream of homeownership, until the Fair Housing Act came in to being in April 1968. In her presentation, she also elucidated on what the data says about African-American homeownership.”As we kick off our celebration of 400 years of African American history, I can think of no better topic to begin than to discuss the current state of homeownership and potential solutions for improvement. I’d like to thank Charmaine Brown for her thought-provoking presentation,” said Derek Templeton, Executive Director & Associate General Counsel at Five Star Institute.Brown pointed out that “African-American homeownership rates are the same as it used to be in 1968, whereas the number of incarcerations in the community as well as the wealth gap between black and white families tripled between 1968-2016.” Currently, the homeownership rate among African-Americans is the lowest of all racial groups at 41.8 percent, lagging consistently behind white homeownership rate.African-Americans have been the slowest to recover from the housing crisis; with their homeownership rate at nearly 6 percentage points lower than in 2010. “While Hispanics and other ethnic groups experienced an increase in homeownership, African-American homeownership rate dropped by 4.8 percentage points between 2000-2017. So, while others are moving forward, African-Americans are moving in the other direction,” Brown said.Interestingly, the younger demographic have seen a greater decline in homeownership in the community. Moreover, the net worth of African-Americans significantly lags the net worth of other groups. Homeownership is seen as one of the primary means of wealth creation, however, African-American homeownership has not recovered from the aftermath of the 2007 financial crisis.Pointing out to generational implications, Brown addressed wealth and homeownership transfers from parents. She also touched on the effects of predatory lending during the housing boom, wherein African-American and Hispanic communities were primary targets of highly exploitative practices, which further exacerbated the situation. African-Americans were more likely to be given subprime products during this period, which led to a significantly higher foreclosure rate between 2007-2009.The webinar also explored ways to diversify the appraisal industry through homebuyer education, community partnerships, strategic alliances, and financial literacy.Click here to view the webinar. Previous: What Led Microsoft to Invest $500M in Seattle Housing? Next: Maxine Waters Sets the Agenda Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] center_img About Author: Donna Joseph in Daily Dose, Featured, News, Servicing AMDC Charmaine Brown Derek Templeton Diversity and Inclusion Homeownership 2019-01-18 Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Homeownership: Through the Eyes of Black America Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post January 18, 2019 1,723 Views The Best Markets For Residential Property Investors 2 days ago Tagged with: AMDC Charmaine Brown Derek Templeton Diversity and Inclusion Homeownership Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Smouha call on FIFA over Affum exit

first_imgEgyptian league minnows Smouha are set to launch a FIFA complaint against Swiss club Young Boys over the transfer of hitman Samuel Affum.Affum, Smouha’s top marksman, rescinded his contract with the Alexandria side to join Young Boys on a free transfer a few days ago.The Ghanaian cited the ‘suspension of football activity’ as an excuse behind his unilateral decision as Smouha argue that his deal expires in June 2014.“We will complain Young Boys to FIFA. Affum has no right to terminate his contract for several reasons,” Smouha vice-chairman Ismail Fayed told FilGoal.com.“First, as far as FIFA is concerned, Egyptian football is not suspended as the season should kickoff in a month.“According to FIFA rules, a player is only allowed to terminate his contract if his participation in competitive games is less than 10%, while Affum has featured in most of our games last term. “Moreover, Affum has been paid regularly until his last day with the club.”Affum, 22, has also been linked with African champions Ahli before making his sudden move to Europe.last_img read more