Systemic racism in Illinois home loan and banking industries [View all]
In Illinois and around the country, an increasing number of universities, investigators and researchers are turning up evidence of systemic racism in the financial sector that has plagued Black Americans for decades
In June, a report from Chicago radio station WBEZ-FM and the nonprofit news organization City Bureau found that for every dollar banks loaned in a white Chicago neighborhood, they only invested 12 cents in Black neighborhoods. A 2019 Duke University study estimates Black Chicagoans lost between $3 billion and $4 billion in the 1950s and 60s due to predatory housing contracts. A 2013 Pew report shows that nationally, African Americans lost 53 percent of their wealth between 2005 and 2009 due to the collapse of the housing market.
On Oct. 15 the Illinois Senate Executive and Commerce and Economic Development committees held a joint hearing on racial equity in lending and home ownership. The hearing was the latest in an ongoing series of hearings prompted by the Illinois Legislative Black Caucus agenda to end systemic racism.
"The time is long overdue for Black households to be met with policies that uplift them and provide them with access to better credit and lending opportunities," said state Sen. Mattie Hunter, a Chicago Democrat who chairs the Executive Committee. "It's imperative that we work to close the wealth gap and level the playing field."
Read more: https://www.illinoistimes.com/springfield/systemic-racism-in-illinois-home-loan-and-banking-industries/Content?oid=12722766
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