How Ruthless Banks Gutted the Black Middle Class and Got Away With It

Alternet/ Devona Walker

The real estate and foreclosure crisis has stripped African-American families of more wealth than any single event in history.

The American middle class has been hammered over the last several decades. The black middle class has suffered to an even greater degree. But the single most crippling blow has been the real estate and foreclosure crisis. It has stripped black families of more wealth than any single event in U.S. history. Due entirely to subprime loans, black borrowers are expected to lose between $71 billion and $92 billion.

To fully understand why the foreclosure crisis has so disproportionately affected working- and middle-class blacks, it is important to provide a little background. Many of these American families watched on the sidelines as everyone and their dog seemed to jump into the real estate game.

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Alternet/ Devona Walker