Connect with us

Op-Ed

Beyond the Rhetoric: Dream of Homeownership a Nightmare for Blacks

Published

on

HarryAlford2

By Harry C. Alford
NNPA Columnist

 

Without argument the sub-prime mortgage crisis was the most devastating economic attack against Black America in history. We saw it coming, but did nothing about it. Mainstream banks such as Wells Fargo showed no shame in fleecing Black communities. Fannie Mae and Freddie Mac (two government sponsored enterprises) strayed way off their charters and soaked up severe amounts of risk. It began to crumble in 2008 and within two years, Black America lost more than 35 percent of its collective net worth. The saddest thing is that this fiscal slide has yet to stop for us.

The Dodd-Frank Act, which was supposed to stop the bleeding, has made things worse. Credit requirements and mountains of paperwork are prohibiting much of the Black population from capital access. Mortgages in our communities are still becoming less and less available. The U.S. Department of Housing and Urban Development (HUD) seems to have no focus on this matter. It is sidetracked with looking at housing discrimination. After six years of being under the administration of a Black president, we are worse than ever before.

According to The Joint Center for Housing Studies of Harvard University’s annual “State of the Nation’s Housing, “Overall, home ownership, the cornerstone of the American Dream, is down to 63 percent, a far cry from the 69 percent registered in 2004. Those figures, however, are much worse for minorities, especially Blacks. The homeownership rate for minorities continues to lag: It peaked at 51.3 percent in 2004, and has now fallen to 47.2 percent. Of all minority groups, African Americans have the lowest rate of homeownership, just 43.8 percent.”

It is getting worse. The key to American homeownership were our two Government Sponsored Enterprises (GSE) – Fannie Mae and Freddie Mac. After World War II and the beginning of the mortgage component within the GI Bill of Rights, our nation went into a housing boom and created a viable middle class with home equity being the biggest part of a family’s net worth. This gave Americans a big advantage over people in other nations who had no GSE programs. So now guess what the Obama administration is trying to do? They want to kill Fannie Mae and Freddie Mac. Instead of policing the programs and allowing them to grow back to their former greatness of allowing home mortgages throughout our nation, they want to put a bullet through their heads. This is very serious and it is going through the courts.

It is so serious that the National Black Chamber of Commerce is jumping into the fray. We have filed an amicus, called friend of the court, brief in the federal court of appeals. Here is an overview that we formally submitted:

Amicus curiae the National Black Chamber of Commerce (“NBCC”) is a nonprofit, nonpartisan organization dedicated to the economic empowerment of African-American communities through entrepreneurship. Incorporated in 1993, the NBCC represents nearly 100,000 African-American owned businesses and advocates on behalf of the 2.1 million Black-owned businesses in the United States. The NBCC has more than 190 affiliated chapters located throughout the nation, as well as international affiliates in, among others, the Bahamas, Brazil, Colombia, Ghana and Jamaica.”

“Because the NBCC is dedicated to creating economically-thriving African-American communities, it is extremely concerned about the prospect that the Federal Housing Finance Agency (“FHFA”) will effectively eliminate Fannie Mae and Freddie Mac. The NBCC believes that without those corporations providing for affordable credit, African-Americans will be disproportionately unable to obtain conventional mortgages. Thus, if the FHFA is allowed to complete its attempted liquidation of Fannie Mae and Freddie Mac, affordable credit may well dissipate for minorities (who already have a very difficult time obtaining loans). The NBCC therefore asks this Court to consider these interests in the course of its deliberations on this case.”

The above is our Statement of Interest portion of the Amicus Brief, which is 18 pages long. We must make all of Black America aware of this. Does the Congressional Black Caucus have a concern? What about all of those Civil Rights organizations that have been around since the beginning of the 20th Century? What is their position on home ownership? How about the National Black Caucus of State Legislators? I don’t find the outrage anywhere.

If the federal government has its way, the future of mortgages will be up in the air. Our subdivisions will turn to blankets of rentals and their values will sink much further than they have already done. That’s why we are fighting this. Our financial future is on the line and it could have a negative impact on the quality of life for our children, grandchildren and their children. We have no choice but to fight.

 

Harry Alford is the co-founder, President/CEO of the National Black Chamber of Commerce®. Website:www.nationalbcc.org Email: halford@nationalbcc.org.

###

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advice

Rising Optimism Among Small And Middle Market Business Leaders Suggests Growth for California

“Business leaders across the Pacific region continue to demonstrate a unique blend of resilience and forward-thinking, even in the face of ongoing economic uncertainty,” said Brennon Crist, Managing Director and Head of the Pacific Segment, Commercial Banking, J.P. Morgan. “Their commitment to innovation and growth is evident in the way they adapt to challenges and seize new opportunities. It’s this spirit that keeps our region at the forefront of business leadership and progress. We look forward to helping our clients navigate all that’s ahead in 2026.”

Published

on

Super Scout / E+ with Getty Images.
Super Scout / E+ with Getty Images.

Sponsored by JPMorganChase

 Business optimism is returning for small and midsize business leaders at the start of 2026, fueling confidence and growth plans.

The 2026 Business Leaders Outlook survey, released in January by JPMorganChase reveals a turnaround from last June, when economic headwinds and uncertainty about shifting policies and tariffs caused some leaders to put their business plans on hold.

Midsize companies, who often find themselves more exposed to geopolitical shifts and policy changes, experienced a significant dip in business and economic confidence in June of 2025. As they have become more comfortable with the complexities of today’s environment, we are seeing optimism rebounding in the middle market nationwide – an encouraging sign for growth, hiring, and innovation. Small businesses, meanwhile, maintained steady optimism throughout 2025, but they aren’t shielded from domestic concerns. Many cited inflation and wage pressures as the top challenges for 2026 and are taking steps to ensure their businesses are prepared for what’s ahead.

“Business leaders across the Pacific region continue to demonstrate a unique blend of resilience and forward-thinking, even in the face of ongoing economic uncertainty,” said Brennon Crist, Managing Director and Head of the Pacific Segment, Commercial Banking, J.P. Morgan. “Their commitment to innovation and growth is evident in the way they adapt to challenges and seize new opportunities. It’s this spirit that keeps our region at the forefront of business leadership and progress. We look forward to helping our clients navigate all that’s ahead in 2026.”

Overall, both small and midsize business leaders are feeling more confident to pursue growth opportunities, embrace emerging technologies and, in some cases, forge new strategic partnerships. That bodes well for entrepreneurs in California. Here are a few other key findings from the Business Leaders Outlook about trends expected to drive activity this year:

  1. Inflation remains the top concern for small business owners. Following the 2024 U.S. presidential election, many anticipated a favorable business environment. By June 2025, however, that feeling shifted amid concerns about political dynamics, tariffs, evolving regulations and global economic headwinds.

     Going into 2026, 37% of respondents cited inflation as their top concern. Rising taxes came in second at 27% and the impact of tariffs was third at 22%. Other concerns included managing cash flow, hiring and labor costs.

  1. For middle market leaders, uncertainty remains an issue. Almost half (49%) of all midsize business leaders surveyed cited “economic uncertainty” as their top concern – even with an improved outlook from a few months ago. Revenue and sales growth was second at 33%, while tariffs and labor both were third at 31%.
  2. And tariffs are impacting businesses costs. Sixty-one percent of midsize business leaders said tariffs have had a negative impact on the cost of doing business.
  3. Despite challenges, leaders are bullish on their own enterprises. Though the overall outlook is mixed, 74% of small business owners and 71% of middle market companies are optimistic about their company’s prospects for 2026.
  4. Adaption is the theme. For small business owners surveyed across the U.S., responding to continuing pressures is important in 2026. Building cash reserves (47%), renegotiating supplier terms (36%) and ramping up investments in marketing and technology are among the top priorities.
  5. Big plans are on the horizon. A majority midsized company leaders expect revenue growth this year, and nearly three out of five of (58%) plan to introduce new products or services in the coming year, while 53% look to expand into new domestic and/or international markets. Forty-nine percentsay they’re pursuing strategic partnerships or investments.

 The bottom line

Rebounding optimism among U.S. business leaders at the start of the year is setting the stage for an active 2026. With business leaders looking to implement ambitious growth plans that position themselves for the future, momentum in California could be beneficial for leaders looking to launch, grow or scale their business this year.

Continue Reading

#NNPA BlackPress

COMMENTARY: The National Protest Must Be Accompanied with Our Votes

Just as Trump is gathering election data like having the FBI take all the election data in Georgia from the 2020 election, so must we organize in preparation for the coming primary season to have the right people on ballots in each Republican district, so that we can regain control of the House of Representatives and by doing so, restore the separation of powers and balance that our democracy is being deprived of.

Published

on

Dr. John E. Warren Publisher, San Diego Voice & Viewpoint
Dr. John E. Warren, Publisher San Diego Voice & Viewpoint Newspaper. File photo..

By  Dr. John E. Warren, Publisher San Diego Voice & Viewpoint Newspaper

As thousands of Americans march every week in cities across this great nation, it must be remembered that the protest without the vote is of no concern to Donald Trump and his administration.

In every city, there is a personal connection to the U.S. Congress. In too many cases, the member of Congress representing the people of that city and the congressional district in which it sits, is a Republican. It is the Republicans who are giving silent support to the destructive actions of those persons like the U.S. Attorney General, the Director of Homeland Security, and the National Intelligence Director, who are carrying out the revenge campaign of the President rather than upholding the oath of office each of them took “to Defend The Constitution of the United States.”

Just as Trump is gathering election data like having the FBI take all the election data in Georgia from the 2020 election, so must we organize in preparation for the coming primary season to have the right people on ballots in each Republican district, so that we can regain control of the House of Representatives and by doing so, restore the separation of powers and balance that our democracy is being deprived of.

In California, the primary comes in June 2026. The congressional races must be a priority just as much as the local election of people has been so important in keeping ICE from acquiring facilities to build more prisons around the country.

“We the People” are winning this battle, even though it might not look like it. Each of us must get involved now, right where we are.

In this Black History month, it is important to remember that all we have accomplished in this nation has been “in spite of” and not “because of.” Frederick Douglas said, “Power concedes nothing without a struggle.”

Today, the struggle is to maintain our very institutions and history. Our strength in this struggle rests in our “collectiveness.” Our newspapers and journalists are at the greatest risk. We must not personally add to the attack by ignoring those who have been our very foundation, our Black press.

Are you spending your dollars this Black History Month with those who salute and honor contributions by supporting those who tell our stories? Remember that silence is the same as consent and support for the opposition. Where do you stand and where will your dollars go?

Continue Reading

Activism

Post Newspaper Invites NNPA to Join Nationwide Probate Reform Initiative

The Post’s Probate Reform Group meets the first Thursday of every month via Zoom and invites the public to attend.  The Post is making the initiative national and will submit information from its monthly meeting to the NNPA to educate, advocate, and inform its readers.

Published

on

iStock.
iStock.

By Tanya Dennis

The National Newspaper Publishers Association (NNPA) represents the Black press with over 200 newspapers nationwide.

Last night the Post announced that it is actively recruiting the Black press to inform the public that there is a probate “five-alarm fire” occurring in Black communities and invited every Black newspaper starting from the Birmingham Times in Alabama to the Milwaukee Times Weekly in Wisconsin, to join the Post in our “Year of Action” for probate reform.

The Post’s Probate Reform Group meets the first Thursday of every month via Zoom and invites the public to attend.  The Post is making the initiative national and will submit information from its monthly meeting to the NNPA to educate, advocate, and inform its readers.

Reporter Tanya Dennis says, “The adage that ‘When America catches a cold, Black folks catch the flu” is too true in practice; that’s why we’re engaging the Black Press to not only warn, but educate the Black community regarding the criminal actions we see in probate court: Thousands are losing generational wealth to strangers. It’s a travesty that happens daily.”

Venus Gist, a co-host of the reform group, states, “ Unfortunately, people are their own worst enemy when it comes to speaking with loved ones regarding their demise. It’s an uncomfortable subject that most avoid, but they do so at their peril. The courts rely on dissention between family members, so I encourage not only a will and trust [be created] but also videotape the reading of your documents so you can show you’re of sound mind.”

In better times, drafting a will was enough; then a trust was an added requirement to ‘iron-clad’ documents and to assure easy transference of wealth.

No longer.

As the courts became underfunded in the last 20 years, predatory behavior emerged to the extent that criminality is now occurring at alarming rates with no oversight, with courts isolating the conserved, and, I’ve  heard, many times killing conservatees for profit. Plundering the assets of estates until beneficiaries are penniless is also common.”

Post Newspaper Publisher Paul Cobb says, “The simple solution is to avoid probate at all costs.  If beneficiaries can’t agree, hire a private mediator and attorney to work things out.  The moment you walk into court, you are vulnerable to the whims of the court.  Your will and trust mean nothing.”

Zakiya Jendayi, a co-host of the Probate Reform Group and a victim herself, says, “In my case, the will and trust were clear that I am the beneficiary of the estate, but the opposing attorney said I used undue influence to make myself beneficiary. He said that without proof, and the judge upheld the attorney’s baseless assertion.  In court, the will and trust is easily discounted.”

The Black press reaches out to 47 million Black Americans with one voice.  The power of the press has never been so important as it is now in this national movement to save Black generational wealth from predatory attorneys, guardians and judges.

The next probate reform meeting is on March 5, from 7 – 9 p.m. PST.  Zoom Details:
Meeting ID: 825 0367 1750
Passcode: 475480

All are welcome.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.