Fall 2018 · Grant
Closing the Racial Wealth Gap
There are many historic reasons as to why the racial wealth gap exists. It is a direct result of centuries of racist banking policies and practices that systematically kept black and latino families from prospering. Most recently, Blacks and Latinos were targeted for subprime mortgage loans during the housing boom. In 2012, Wells Fargo admitted that it steered Black and Latino households into subprime mortgages but offered White borrowers with similar credit profiles prime mortgages.