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Secretary of Housing and Urban Development, Ben Carson, admits that black homeownership rates have fallen to the lowest levels on record. He blames the decline on the lack of “wherewithal in terms of financial knowledge” of black people during the George W.Bush administration.
People took advantage of a lot of people who did not have a lot of wherewithal, in terms of financial knowledge about housing. And you know, by manipulating debt-to-income ratios and the various types of manipulations for credit that were done, they put people into houses that they couldn’t afford.” The nation still recovering from that meltdown.
He was unable to explain why the housing problem is worse under Trump despite Trump saying that black unemployment is at an all-time high or why homeownership among Latinx is rising.