| 00:00:12 |
Host, -
PARTICULARLY IS OUR FIFTH ANNUAL REPORT AND WE RELEASE IT ON THE STATES LITERALLY THE STATE OF THE DREAM OF MARTIN LUTHER KING WHO HAD A VISION NOT...
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| 00:00:31 |
Guest, -
ECONOMIC STABILITY OF PEOPLE OF COLOR AND THAT RIGHT NOW IS ROOTED IN HOUSING. AND AS YOU CAN SEE ON THE COVER OF THAT PARTICULAR REPORT, WHAT WE...
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| 00:01:07 |
Host, -
SO, HOUSING IS CENTRAL TO OTHER FORMS OF ECONOMIC INEQUALITY. WHERE ONE LIVES DETERMINES HEALTH ISSUES, ACCESS TO JOBS, ABILITY TO
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| 00:01:17 |
Guest, -
GO TO CERTAIN SCHOOLS AND OTHER TYPES OF INE QUALITIES. WHAT IS REALLY IMPORTANT ABOUT THIS REPORT, HOUSING BECAUSE OF ITS CENTRALALTY TO PEOPLE OF...
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| 00:01:53 |
Host, -
COUNTERPARTS TO RECEIVE THAT. I THINK WHAT'S EVEN MORE ALARMING, IF YOU WILL, IS THAT EVEN REGARDLESS OF INCOME,
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| 00:02:00 |
Guest, -
SO A MIDDLE-CLASS OR UPPER-MIDDLE-CLASS PERSON OF COLOR IS MORE LIKELY TO RECEIVE A SUBPRIME LOAN AND MORE LIKELY THAN AN EQUIVALENT WHITE COUNTERPART....
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| 00:02:39 |
Host, -
HELD EQUAL, THIS PERSON HAD THE OPPORTUNITY TO PAY THEIR MORTGAGE WITHOUT FAULTY LOANS THEY WERE GIVEN, THIS PERSON WOULD HAVE -- THE COMMUNITY ITSELF...
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| 00:02:53 |
Guest, -
NUMBER WHICH WE WEREN'T ABLE TO TABULATE WAS THAT DOES NOT INCLUDE OTHER FORMS OF WEALTH SUCH AS COMMUNITY WEALTH. SO WHAT WE'RE FINDING AND OTHERS...
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| 00:04:07 |
Host, -
THE LOANS GO UP? >> Guest: YES. LET'S GIVE PEOPLE A REALLY GOOD EXAMPLE. SO, FOR JUST TO UNDERSTAND THE MARKET A LITTLE BIT, THE SUBPRIME MARKET IS...
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| 00:04:29 |
Guest, -
RATE, IF ANYTHING. SO, IT MIGHT ACTUALLY BE SMALLER THAN CONVENTIONAL LOANS. WHAT'S INTERESTING ABOUT THE SUBPRIME MARKET THAT WAS UNREG LATDED WAS...
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| 00:06:24 |
Host, -
IS THE PROBLEM THE SUBPRIME LOAN ITSELF OR THE WAY IT'S MARKETED TO PEOPLE? >> Guest: GREAT QUESTION. I THINK IT'S PARTICULARLY THAT THE HIGH-COST LOAN...
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| 00:06:35 |
QUESTIONS, IT'S, -
HELP PEOPLE WHO MAY HAVE BLEMISHED CREDIT WHO MAY HAVE HAD ISSUES IN THE PAST AND IT'S BEEN SHOWN TO WORK WHEN GIVEN THE RIGHT SUPPORT, WHEN GIVEN...
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| 00:06:48 |
Guest, -
BY THE INSTITUTION. THE PROBLEM WITH THE SUBPRIME MARKET IN PARTICULAR IS THAT, ONE, IT WASN'T REGULATED. SO, THE WAY THAT LOANS WERE GIVEN TO PEOPLE...
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| 00:08:27 |
Host, -
IT MOST EFFECTIVE FOR ALL PEOPLE. >> Host: OUR GUEST
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| 00:08:31 |
Guest, -
DIRECTS THE PROGRAM'S RACIAL WEALTH DIVIDE PROGRAM WITHIN UNITED FOR A FAIR ECONOMY. IF YOU WANT TO READ MORE OF THE REPORT YOURSELF IT IS HYPERLINKED...
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| 00:08:52 |
Host, -
RIVERA. >> Guest: GOOD MORNING. >> Caller: I WOULD JUST LIKE TO SAY THAT, YOU KNOW, I'D LIKE TO MAKE TWO COMMENTS FIRST AND I WOULD ASK A QUESTION....
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| 00:09:09 |
Caller, -
OBAMA. NOBODY -- I MEAN, YOU CAN'T GET AROUND IT.
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| 00:09:12 |
Guest, -
THIS IS HIS DREAM. AND I WANT TO SAY,
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| 00:09:14 |
Caller, -
TOO, THAT WHEN BILL AND HILLARY CLINTON WERE IN THE WHITE HOUSE -- AND I INCLUDE HER, TOO -- BECAUSE WE DID NOT -- THEY DIDN'T DO ENOUGH FOR BLACK...
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| 00:10:06 |
Host, -
ISSUES THAT KING ESPOUSED
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| 00:10:07 |
Guest, -
SO WELL PARTICULARLY HIS MARCH ON WASHINGTON FOR JOBS AND FREEDOM THAT HE REALLY SPOKE ELOQUENTLY ABOUT THIS AND SO WHAT WE'RE LOOKING AT SAYING, WE'RE...
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| 00:10:47 |
Host, -
FOR EXAMPLE, 2.2 MILLION FORECLOSURES ARE PREDICTED TO HAPPEN IN THE NEXT YEAR ALONE. AND SO, WHAT WE NEED TO
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| 00:10:54 |
Guest, -
REALLY START LOOKING AT, WHAT THIS REPORT IS ANGLING FOR IS TO SAY, WELL, WE NEED TO DO SOME MORE RESEARCH. WE NEED TO DO SOME MORE AWARENESS ON...
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| 00:11:36 |
Host, -
NOT CORRECT? >> Host: IT WAS CERTAIN
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| 00:11:40 |
Caller, -
SEGMENT I COULDN'T REMEMBER. >> Caller: PED ROW, BEAR WITH ME, PLEASE. >> Host: THIS IS A TARGETED SEGMENTS AND IF YOU HAVE A QUESTION FOR OUR
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| 00:11:47 |
Host, -
GUEST GO,
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| 00:11:48 |
Caller, -
AHEAD. >> Caller: MR. RIVERA, ARE OFFENDED BY C-SPAN SEPARATING THEIR CALLS BY RACE, WHITE AMERICANS AND BLACK AMERICANS? DIDN'T FIND THAT OFFENSIVE...
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| 00:12:01 |
Host, -
MEAN, AREN'T WE
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| 00:12:02 |
Caller, -
TRYING TO GET OVER THIS? I'M A OBAMA
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| 00:12:04 |
Host, -
SUPPORTER. I'M A REPUBLICAN BECAUSE NOT ONLY YES, WE CAN, BUT YES, WE SHOULD.
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| 00:12:09 |
Caller, -
THE MAN SPEAKS OF BEING UNITED AND C-SPAN THE OTHER DAY WHEN ASKING ABOUT THE POLITICIANS RACE BAITING THEY SEPARATED THE CALLS BY WHITE AMERICAN AND...
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| 00:12:42 |
Host, -
AM -- I WANT TO TALK ABOUT THE FORECLOSURES AND I -- I -- I'VE
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| 00:12:49 |
Caller, -
BEEN A LOAN OFFICER FOR MANY YEARS. I DON'T DO IT ANYMORE, BUT -- IN HOUSTON, TEXAS. AND I KNOW WHAT LOAN OFFICERS DO ON THE DISCOUNT FOR CERTAIN...
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| 00:14:24 |
Host, -
FOR US TO HEAR THIS CALLER SAY, YOU KNOW, WE HAVE SOME INCENTIVES IN
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| 00:14:28 |
Guest, -
THIS PARTICULAR MARKET TO USE OTHER TO -- OR TO UTILIZE THE WANTS OF THE MOST MARGINALIZED WHO JUST WANT A HOME, WHO BOTH KING AND OTHER PEOPLE HAVE...
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| 00:15:22 |
Host, -
SO, FOR EXAMPLE, AS THE CALLER AGAIN SAID, IT'S INCENTIVEIZED TO TAKE ADVANTAGE
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| 00:15:27 |
Guest, -
OF THE MOST MA GIN ANALYZED. SO, EVEN IF YOU WERE QUOTE-UNQUOTE EDUCATED ENOUGH TO KNOW ENOUGH, YOU STILL MIGHT BE GIVEN ONE OF THESE LOANS DUE TO YOUR...
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| 00:16:52 |
Host, -
PROVIDED, JUST STRAIGHT ACROSS THE BOARD FOR MOST INDIVIDUALS? THE SAME CONCEPT HAS BEEN BROUGHT BACK, LOW-INTEREST LOANS. BUT, THE ONLY DIFFERENCE...
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| 00:17:07 |
Caller, -
OR JUST BECAUSE OF CASH FLOW? THOSE ARE THE QUESTIONS I'M -- I'M DEALING WITH. AND ANOTHER THING I WANTED TO KNOW, HOW DO YOU CORRECT THE SYSTEM WHERE...
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| 00:18:05 |
Host, -
BACK EVEN
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| 00:18:06 |
Guest, -
FURTHER AND TALK ABOUT THE G.I. BILL SPECIFIC THAT WILL WERE GIVEN TO MOST PEOPLE. THE PROBLEM WITH THAT PARTICULAR STRUCTURE IS THAT PEOPLE OF COLOR...
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| 00:19:47 |
Host, -
LOANS ABOUT 66% OF THEM DID AND -- BUT THEY MADE UP MORE THAN A THIRD OF THE MARKET. OR, EXCUSE ME, MORE THAN -- MORE AN THIRD. SO, MORE THAN 75%. ...
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| 00:20:01 |
Guest, -
12% OF THE MARKET -- EXCUSE ME, OF THE POPULATION, BUT RECEIVED THESE LOANS AT A RATE ALMOST AT 52%. AND SO, WHAT WE'RE LOOKING AT IS IF THIS WAS...
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| 00:21:18 |
Host, -
HE BRINGS UP AND EXCELLENT
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| 00:21:20 |
Caller, -
POINT, IN TERMS OF BRINGING THIS TO THE TABLE FOR DISCUSSION DURING THIS PRESIDENTIAL ELECTION. WE NEED TO LOOK AT THE FACT THAT THESE LOANS DID NOT...
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| 00:22:43 |
Guest, -
ASK BOTH OUR RULE MAKERS AND GRASSROOTS PEOPLE AND PEOPLE ON THE GROUND TO WORK IN COLLABORATION ON HOW THESE ISSUES AFFECT THEM PERSONALLY AND...
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| 00:24:01 |
Host, -
THE PEOPLE IN THE
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| 00:24:03 |
Caller, -
STOCK MARKET, THEIR INSTITUTIONAL INVESTORS SO THEY MAKE MONEY BUYING AND SELLING SO THEY DON'T CARE. THEY GET THEM BIG BONUSS AT THE END OF THE...
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| 00:25:09 |
Host, -
AS THE WORTH OF THE MARKET, SO, THE INDUSTRY
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| 00:25:12 |
Guest, -
IN 1993-1994 WAS ABOUT $20 BILLION AND ABOUT LESS THAN ABOUT 10% OF THE MARKET. WE NOW HAVE ABOUT 20% OF THE MARKET IN 2006 AND IT WAS $540 BILLION....
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| 00:26:22 |
Host, -
PARTICULAR ISSUE WITH THE PRESIDENT'S PROPOSAL IS THAT THE WAY IT WAS STRUCTURED, AGAIN, SOMETIMES WE'RE NOT REALLY LOOKING AT THAT DEEP, DEEP LEVEL OF...
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| 00:26:31 |
Guest, -
SET UP ONLY 5 TO 10% OF PEOPLE WHO ARE IN TROUBLE ARE ACTUALLY GOING TO BENEFIT FROM THIS PARTICULAR PROGRAM. WHAT'S EVEN MORE, I WOULD ARGUE, ALARMING...
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| 00:27:28 |
Host, -
MY STATEMENT IS, WITH DR. KING DAY
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| 00:27:31 |
Caller, -
IS WE HAVE A DEMOCRATIC -- WE HAVE A PRESIDENTIAL ELECTION AND HERE IT IS THAT NOBODY CHALLENGED THE REPUBLICANS -- I'M AN AFRICAN-AMERICAN -- NOBODY'S...
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| 00:29:21 |
Host, -
HOMES. I THINK AS WE HAVE MOVED FORWARD, WE HAVE ACTUALLY PUT A
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| 00:29:25 |
Guest, -
STRIN GELHOLD ON THOSE TYPES OF SOLUTIONS DUE TO THE WAY THINGS ARE FUNDED AT THE MOMENT. I THINK AS WE MOVE FORWARD THAT THE SOLUTIONS REALLY CAN...
|
| 00:30:47 |
Host, -
MUCH LOWER PRICES THAN IN COMPARABLE NEIGHBORHOODS IN THE CITY. A LAND TRUST RUN BY THE PRESERVATION GROUP OWNS THE LAND AND SETS RULES THAT LIMIT...
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| 00:31:19 |
Guest, -
CAN MAKE AND HOW PEOPLE CAN BE SUCCESSFUL IN HOMEOWNERSHIP AND INDIVIDUALS WHO USUALLY GET INTO THESE HOMES, AFFORDABLE HOUSING ARE ABLE TO BE IN...
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| 00:32:27 |
Host, -
FINANCIAL ORGANIZATIONS WHO ARE LENDING MONEY
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| 00:32:29 |
Caller, -
TO THESE COMPANIES, PEOPLE UNDERSTAND IF YOU TAKE A LOOK AT IT, THIS WAS NOT GOING TO WORK. SO, YOU SHORT THE MARKET. SO, EVEN THOUGH THESE COMPANIES...
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| 00:33:51 |
Host, -
IT -- MY TAX DOLLARS SHOULDN'T GO
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| 00:33:53 |
Guest, -
TO THE BAIL-OUT. WHAT I OFTEN TELL PEOPLE IS THAT, WELL YOUR TAX DOLLARS ALREADY HAVE GONE TO THE BAIL-UT. FOR EXAMPLE, THE LOSSES THESE MAJOR INSTITUTIONS...
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| 00:36:04 |
Host, -
OR NOT SO I RONCLY AS OUR REPORT STATES IS THAT THAT'S ALSO ONE OF THE LARGEST COMMUNITIES OF COLOR IN THE COUNTRY. AND SO,
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| 00:36:12 |
Guest, -
DETROIT, OTHER STATES SUCH AS BALTIMORE AND CLEVELAND ARE NOW PURSUING LAWSUITS AGAINST BOTH ARENAS OF A LARGE POPULATION OF COLOR. BALTIMORE SPECIFICALLY...
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| 00:37:11 |
Host, -
CAROLINA YOU ARE ON WITH MR. RIVERA. GO AHEAD. >> Caller: THANK YOU, C-SPAN AND GOOD MORNING MR. RIVERA. I CONGRATULATE YOU, MR. RIVERA, ON EDUCATING...
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| 00:37:35 |
Caller, -
THAT KNEW ABOUT AND PLANNED ON DOING THINGS LIKE THEY'RE DOING NOW, THAT THOSE PEOPLE, AS YOU SAID EARLIER, WHO ARE LOSING OR HAVE LOST THEIR HOMES,...
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| 00:38:50 |
Host, -
OF THOSE THINGS THAT COULD
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| 00:38:51 |
Guest, -
HAPPEN TO HASN'T BEEN MENTIONED BUT IN SOME STATES HAS BEEN DONE IS, ONE, TAKING A MORATORIUM OR FREEZE ON ALL FORECLOSURES AND THEN, SUCH AS DONE IN...
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| 00:40:05 |
Host, -
AS WE START COMING DOWN FROM THAT OR THAT DEFLIGHTS WE HAVE TO LOOK AT WHY IS IT SO EXPENSIVE TO GET HOMES IN THESE AREAS AND WHO IS NOT GETTING ACCESS...
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| 00:40:14 |
Guest, -
DOES THAT MEAN TO CREATE AFFORDABLE HOUSING? I THINK OFTEN TIMES THAT'S GIVEN A TERM TO NECESSARILY MEAN GIVING THE POOR HOMES. I THINK WHAT WE'RE COMING...
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| 00:41:21 |
Host, -
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| 00:41:22 |
Caller, -
ABOUT AND MY LAST COMMENTS AND I'LL HANG UP IS I THINK AS A BLACK REPUBLICAN, I BELIEVE THAT PEOPLE SHOULD WAKE UP AND THINK IT THROUGH A LITTLE...
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| 00:42:01 |
Host, -
PEOPLE TO DO, YOU CAN PUT
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| 00:42:02 |
Guest, -
THIS ON OUR WEBSITE, TELL YOUR SOAR. WHAT IS HAPPENING TO YOU? WHO ARE YOU? HO HOW IS THIS HAPPENING AND AFFECTING YOU? TELL US ABOUT IT SO NOT ONLY...
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| 00:43:59 |
Host, -
HANDOUT. I THINK IT IS ONE OF THE GREATEST TAX DEDUCTIONS BUT CALLED THE MORTGAGE INTEREST RATE TAX DEDUCTION.
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| 00:44:05 |
Guest, -
WHAT IT BASICALLY MEANS IS THAT THE INTEREST ON YOUR LOAN FOR YOUR HOME, IF YOU QUALIFY, WHICH MEANS THAT YOU ITEMIZE YOUR PARTICULAR TAXES, WHICH...
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| 00:45:25 |
Host, -
HOMEOWNERSHIP BOTH THROUGH CREATING CEILINGS FOR COSTS, SUCH AS WE SPOKE ABOUT IN
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| 00:45:30 |
Guest, -
ROXBURY AND OTHER PARTS OF THE COUNTRY BUT ALSO CREATING ACCESS. THE G.I. BILL WHICH LITERALLY RESHAPED THE WAY WE GAVE LOANS GAVE ACCESS TO A HUGE...
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| 00:46:48 |
Host, -
AND 100 PAGES AND YOU DON'T ALWAYS HAVE TIME TO RECEIVE YOUR MORTGAGE
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| 00:46:52 |
Guest, -
PACKAGE A WEEK BEFORE YOU ACTUALLY HAVE TO SIGN IT. YOU ARE ACTUALLY GIVEN AT TIMES, LESS THAN 24 HOURS. SO, I THINK WHAT WE'RE FINDING IS RIGHT NOW...
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| 00:48:09 |
Host, -
BIS BASE OF
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| 00:48:11 |
Caller, -
MANUFACTURING. NOW, WE'RE DEALING WITH A SERVICE SECTOR THAT DOESN'T PAY, MINORITIES THAT DIDN'T UNDERSTAND. I WAS ONE OF THEM. THEY CAME IN MY NEIGHBORHOOD...
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| 00:50:08 |
Host, -
SMOKING. YOU NEED TO BE AWARE OF YOUR INDIVIDUAL CHOICE.
|
| 00:50:11 |
Guest, -
AND AS WE DUG AND REALLY LOOKED INTO THE ISSUE, WHAT WE FOUND IN THE TOBACCO INDUSTRY THERE WERE ALL KINDS OF FAULTY PRODUCTS, THERE WAS TAR, THERE WAS...
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| 00:51:49 |
Host, -
PAPERS, IT WAS ABATE
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| 00:51:51 |
Caller, -
AND SWITCH. THEY STUCK ME WITH THIS -- THEY STUCK ME WITH THIS BALLOONING INTEREST. AND NOW, I AM FORCED TO GO BACK AND REFINANCE AND DO THIS ALL...
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| 00:52:39 |
Host, -
LATINOS ONLY AT THE
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| 00:52:40 |
Guest, -
MOMENT CONSTITUTE MAYBE 30 OR 40% OF THE POPULATION BUT RECEIVED 50 TO 60% OF THESE LOANS AND SO WE JUST WANT TO ADDRESS THOSE ISSUES OF RACIAL ...
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| 00:53:51 |
Host, -
WELL, IT'S NOT JUST THE HOUSING MARKET. LOOK AT YOUR ENERGY MARKET. LOOK
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| 00:53:54 |
Caller, -
AT YOUR
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| 00:53:55 |
Host, -
UTILITIES. YOU KNOW, YOUR UTILITY BILLS ARE
|
| 00:53:58 |
Caller, -
DOUBLING. YOU PUT THAT TOGETHER WITH THE PREDATORY MORTGAGE AND YOU ARE REALLY IN A LOT OF TROUBLE. SO, I THINK THE DEREGULATION HAS PLAYED A MAJOR...
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| 00:55:52 |
Host, -
OF THAT IN THIS PARTICULAR COUNTRY
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| 00:55:54 |
Guest, -
AT THE MOMENT. AND I THINK IF WE MOVE FORWARD AND ADDRESS THESE HIGH-COST ISSUES SUCH AS ENERGY, SUCH AS INSURANCE, SUCH AS LOW WAGES ARE BEING STAGNANT...
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| 00:57:15 |
Host, -
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| 00:57:20 |
Guest, -
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| 00:57:21 |
Host, -
I HAD MYSELF WHEN I WROTE THE >>
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.