[Congressional Record Volume 165, Number 145 (Wednesday, September 11, 2019)]
[House]
[Page H7602]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
{time} 1030
MAKE HOMEOWNERSHIP EQUALLY AVAILABLE TO ALL
The SPEAKER pro tempore. The Chair recognizes the gentleman from
Illinois (Mr. Rush) for 5 minutes.
Mr. RUSH. Madam Speaker, I rise today to address how racially
discriminatory housing policy has contributed to the unjust racial
wealth gap in our Nation.
Currently, Madam Speaker, 72 percent of White households own their
own homes, while just 41 percent of Black households do. The roots of
this disparity can be traced to the discriminatory practices
implemented by the Federal Housing Authority, which resulted in only 2
percent of federally backed loans being issued to African Americans
between 1934 and 1968. This was a supra-classic form of kinematic,
organic, and institutional racism.
The ongoing ramifications of this most insidious example of
discrimination continue to be felt acutely by people like many of my
constituents. A recent study by Duke University found that the systemic
denial of federally guaranteed loans led to the widespread use of
predatory home sale contracts in Chicago's Black communities.
These contracts, Madam Speaker, led to a situation where Black home
buyers paid, on average, over $71,000 more--I repeat, Madam Speaker,
over $71,000--for their homes than White homeowners who had unfiltered
access to federally backed loans.
In total, Madam Speaker, redlining, the practice of rating
predominantly Black neighborhoods as ``high risk'' for traditional
mortgage lenders, stole $3.2 million--this is by conservative
estimates, $3.2 million--stole up to $3.2 million from Chicago's Black
families.
This is just one example of how homeownership, a pillar of the
American Dream, has been placed out of reach of far too many Americans
due solely to the color of their skin. It is incumbent, Madam Speaker,
upon all of us to make this American Dream equally available to all,
regardless of their skin color and regardless of their ZIP Code.
Fortunately, Madam Speaker, there are steps that this Congress can
take to support Black American homeownership. For example, as the Urban
Institute notes, factoring rental payment history into credit-scoring
models could increase financial opportunities for Black home buyers.
Passing the Home Loan Quality Transparency Act, a bill I am proud to
cosponsor, will restore a critical provision of Dodd-Frank, requiring
mortgage lenders to report crucial details about their borrowers,
including credit scores, racial and ethnic breakdowns, and other data.
Madam Speaker, $3.2 million stolen.
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