Sunday, December 10, 2017
Barack Obama's election marked a significant turning point in American history, and it was rightly celebrated as a sign of racial progress. But Obama's presidency came at a time of economic hardship, due to predatory financial practices that led to the 2007 recession. That, combined with the Obama administration's flawed housing policies, led to a major decline in African-American wealth during the Obama years, according to a new report from the People's Policy Project, a new Washington, D.C.-based think tank.
Cooper and Bruenig are critical of the Obama administration's response to the financial crisis, taking aim at policies that bailed out large financial institutions while offering little help to homeowners. The authors singled out the Home Affordable Modification Program for censure for seeking to incentivize mortgage services to modify loans.
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