TITLE

The Subprime Crisis and African Americans-Response

AUTHOR(S)

Price, Gregory

PUB. DATE

September 2010

SOURCE

Review of Black Political Economy;Sep2010, Vol. 37 Issue 3/4, p231

SOURCE TYPE

Academic Journal

DOC. TYPE

Article

ABSTRACT

These remarks constitute a response to Sandra Philip's consideration of the subprime mortgage crisis and African Americans. While Philip's analysis of the recent collapse of the sub-prime mortgage market and its impact on African Americans is insightful and poignant, the scope of the analysis does not consider the role that race, inequality, political economy and stratification may have had. This response considers Philip's treatment of the subprime crisis within a broader political economy context whereby the legacy of race, inequality and stratification may have provided incentives for financial institutions to engage in racially predatory lending practices that increased the level of risk-which ultimately caused the collapse of the subprime mortgage market, and the attendant financial crisis.

ACCESSION #

55824254

Tags: GLOBAL Financial Crisis, 2008-2009;  SUBPRIME mortgage loans;  AFRICAN Americans -- Economic conditions;  AFRICAN Americans -- Social conditions;  SOCIAL stratification;  RACE discrimination -- United States;  POLITICAL economic analysis;  SUBPRIME mortgages;  HOME ownership -- United States

 

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