Kai Wright Explains the Subprime Swindle

By VideoNation

July 10, 2008

» More

Nation magazine contributor Kai Wright, discusses his July 14 article about the mortgage crisis and its affect on the Black middle class.

For his story, Wright traveled to Atlanta, Georgia where he met George Mitchell and many others like him who had fallen victim to lending scams and looming foreclosures, a problem that has plagued millions around the country.

Mitchel, age 77, was approached by IndyMac lenders, among others, and was convinced to take out loans he didn't need or understand. He doesn't even remember signing the papers and now faces losing the home he and his wife bought forty years ago. Wright explains that home equity is one of the main sources of wealth for many middle-class African-Americans who used home ownership as a means of attaining the American dream.

Today, that wealth is being stolen from them through predative loans and a national rhetoric of "borrower responsibility." Watch Wright explain the depth of the problem and what it means for the future of the black middle class.

-Elizabeth Giegerich

Check out more great Nation videos on our YouTube channel.

Advertisement
Advertisement
Advertisement

Blogs

» Editor's Cut

Around the Nation | The week we went Rouge. Plus, Moyers on Afghanistan.
Katrina vanden Heuvel
46 Comments

» The Beat

Health Care Bill Advances, as Harry Reid Trumps Sarah Palin | The death panelist-in-chief rallied her followers to "KILL THE BILL." But 60 senators decided to follow the real leader.
John Nichols
55 Comments

» The Notion

Palin as the Church Lady | Going Rogue book tour brings passive-aggressive rightwing Christianity to the fore.
Leslie Savan
144 Comments

» Altercation

Slacker Friday | The "Second Amendment" sale; the raving paranoids of the right.
Eric Alterman

» The Dreyfuss Report

Chongqing: Socialism in One City | China is managing the most important event in the world: the urbanization of half a billion people. Fast.
Robert Dreyfuss
218 Comments

» Act Now!

Toward Copenhagen | A guide to joining the movement against climate change.
Peter Rothberg
75 Comments