*Attorney Antonio Moore discusses the new report “Dream Deferred: How enriching the 1% Widens the Racial Wealth Divide” with report author Chuck Collins of the Institute for policy studies. The two discuss the impact of President Obama’s policy, the rising white wealth class, and the lasting impact of wealth calcification on black America.
Jacobin “How Obama Destroyed Black Wealth”:
As a result, in many cases HAMP actively enabled foreclosure. Its re-default rate — the fraction of people who got a modification and later defaulted out of the program — was 22 percent as of 2013. Only about $15 billion of the original $75 billion appropriation was spent by mid-2016.
Out of an initial promised 4 million mortgage modifications — itself a drastic underestimate — by the end of 2016 only 2.7 million had even been started. Out of that number, only 1.7 million made it to permanent modification, and of those, 558,000 eventually washed out of the program.
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