There are a number of commendable accomplishments by President Barack Obama during his eight years in office. These were recently detailed in long-form story called, “My President Was Black,” by Ta-Nehisi Coates of The Atlantic. However, this profile of Obama is incomplete in one regard: It does not take into account his failure to stop the foreclosure crisis – or to hold anyone accountable for the enormous damage it inflicted on so many ordinary Americans.
In fact, more than 9 million American families have lost their homes since the housing bubble burst, either due to foreclosure or some associated transaction. When we look at this in terms of the average size of American households, we’re talking about 20 million displaced people. These were individuals forced to uproot their lives. Forced to find a place to stay. Forced to start over. This had an out-sized impact on people of color in particular, who are more likely to keep their wealth in their home equity and who were also the primary targets of predatory subprime loans. Although Coates takes note of the fact that white homes hold seven times as much wealth as black households, yet fails to mention that this statistic actually worsened under Obama, in large part due to these foreclosures, according to The Federal Reserve.
This is not to say that Obama did not have noteworthy achievements. However, this has to be counter-balanced with Obama’s own role in one of the biggest losses of black wealth in history. Continue reading