Black Families In Chicago Lost $3 To $4B In Wealth As A Result Of Predatory Lending In The 50s & 60s

According to a report released on Thursday by the The Samuel DuBois Cook Center on Social Equity at Duke University and the Nathalie P. Voorhees Center at the University of Illinois-Chicago, Black families in Chicago lost between $3 billion and $4 billion in wealth because of predatory housing contracts during the 1950s and 1960s.

Key findings from the study:

Between 75 percent and 95 percent of homes sold to black families during the 1950s and 1960s were sold on contract

The price markup on homes sold on contract was 84%.

African Americans who bought on contract paid, on average, an additional $587 (in current dollars) more a month than if they had a conventional mortgage

Antoine Thompson, Executive Director, The National Association of Real Estate Brokers spoke with Roland Martin about the shocking study and discussed if anything has changed since the 50’s and 60’s.

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