Extreme Inequality: Race and the Mortgage Meltdown

Dedrick Muhammad, co-author of Foreclosed: State of the Dream 2008, comments on why Barack Obama’s candidacy may have little impact on the racial wealth divide. The mortgage meltdown has revealed a staggering wage and home ownership gap between white and black Americans, one that has changed little since the height of the civil rights era. Indeed, the black homeownership rate is only 47 percent, compared with 75 percent for whites. And, in the subprime fiasco, African-Americans will lose between $72 and $93 billion. Find out here why a further entrenchment of the racial wealth divide looms and what can be done to address it. For more, visit

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