Color and Money: Politics and Prospects for Community Reinvestment in Urban America (New Inequalities) - Softcover

Squires, Gregory D.; O'Connor, Sally

Softcover

ISBN 10: 0791449521 ISBN 13: 9780791449523

Publisher: State University of New York Press, 2001

Synopsis

A case study of Milwaukee, Wisconsin exploring how lending practices and access to capital are shaped by race.

Contrary to conventional wisdom, green is not the only color that matters to lenders. This case study of Milwaukee, Wisconsin-a fairly typical urban area that has experienced systematic disinvestment and a budding reinvestment movement-demonstrates the continuing significance of race in determining who gets home mortgage and small business loans. Confirming the ongoing role of politics in both nurturing urban reinvestment and fueling a backlash by financial institutions, Color and Money offers critical policy recommendations for increasing access to capital in central city communities and for racial minorities throughout the nation's metropolitan areas.

About this title

About the Author

Gregory D. Squires is Professor and Chair of the Department of Sociology at George Washington University and the author of several books, including Capital and Communities in Black and White: The Intersections of Race, Class, and Uneven Development, also published by SUNY Press. Sally O'Connor is Lecturer in the Department of Sociology at the University of Wisconsin-Milwaukee.

From the Back Cover

Contrary to conventional wisdom, green is not the only color that matters to lenders. This case study of Milwaukee, Wisconsin-a fairly typical urban area that has experienced systematic disinvestment and a budding reinvestment movement-demonstrates the continuing significance of race in determining who gets home mortgage and small business loans. Confirming the ongoing role of politics in both nurturing urban reinvestment and fueling a backlash by financial institutions, Color and Money offers critical policy recommendations for increasing access to capital in central city communities and for racial minorities throughout the nation's metropolitan areas.

Reviews

Despite heavy funding, political rhetoric, and legislation dedicated to equality in housing for America's citizens of all races, many cities are not meeting the needs of their communities. Here, Squires and O'Connor study this problem by looking closely at the workings of Milwaukee, using data available to them through the Home Mortgage Disclosure Act, New Opportunities for Home Ownership in Milwaukee, and several federal cases that resulted in large settlements with banks to insure equal standards. They recommend the practice of community lending sponsored by the underutilized Community Reinvestment Act of 1977, which encourages federally regulated depository institutions to meet the credit needs of the local communities that have chartered them. The authors' thorough investigation of the data and its implications presents a persuasive argument. Their book is highly recommended for public and academic libraries and specialized collections, as it is essential for the lay readers to have resources when unethical practices continue unabated despite society's ruling against them. Kevin Whalen, Life Instructors, New Providence, NJ
Copyright 2001 Reed Business Information, Inc.

Edition details

• Publisher: State University of New York Press
• Publication date: 2001
• Language: English
• ISBN 10: 0791449521
• ISBN 13: 9780791449523
• Binding: Paperback
• Number of pages: 218