Why Banks Fail African American Consumers
by The banking industry and other financial institutions fail many African American customers and others in dire need of financial aid due to racism and political pressures from their board of directors
and those in charge of the loan process.
When Senator Barack Obama became President of the United States many people in both Democratic and Republican parties were overjoyed and relieved at the same time. The reasons were numerous and everyone was hoping for positive and swift relief from the record numbers of job loss, poverty and home foreclosures. The President had no true idea about how bad our situation had become nor any real inclination of how to slow it down. Banks and lending institutions have always been pro immigrant and non- white towards assisting with loans and business ventures. African-Americans had to resort to small check cashing establishments and title loan businesses for financial assistance.
During the 1970’s and 80’s the pawn shops were the initial lending establishments for most non-white persons with an emergency financial hardship. Banks today are failing at an alarming rate mostly due to losses on home mortgages and business ventures that have failed due to the staggering economic climate and bad loan decisions. Many African-Americans that are well off financially, such as professional athletes, television stars and the few lottery winners will not aid other poor African-Americans due to fear of losing everything or not getting a positive return for their investment or not getting paid back as agreed upon. Unfortunately, even the African-Americans that are elected to serve in both parties fail to aid their constituents once elected to Washington regardless of race.
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