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Page 17
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Advocating for Our beloved Community
A memory
and legacy to
preserve
stability, education, and leader
ship development. Since March
2012, I have had the esteemed
privilege to serve within PAALF
as its director.
The m ission o f PA A LF is
by C yreena B oston A shby
critical as we find best w ays to
T he P ortland
convene leaders and advocates
A frican A m eri
alike from our beloved com
can L eadership
m unity, to collaborate around a
F o ru m is c o n
u n if ie d a c tio n a g e n d a fo r
cerned with the
change.
fu tu re
of
W ith this w ork, we rely on
O re g o n ’s A frican A m erican critical com m unications, such
Community, specifically focused as new spapers to inform our
on critical issues related to our c o n s titu e n ts o f th e m a n y
com m unity’s health, economic e v e n ts , is s u e s , a n d n e w s
breaking m atters that im pact
our daily lives. This is so very
true for the Portland O bserver,
w ho for ov er 43 years has
served Portland w ith quality
journalism that is com m itted to
diversity and highlighting the
factual, positive im ages o f A f
rican A m ericans m aking a dif
feren ce.
This is w hy I thank the Port
land O bserver for recognizing
PA A LF and m yself at the First
A nnual C om m unity Service
A w ards banquet this past N o
vem ber. A lthough I could not
attend that evening to receive
this honor in person, I was so
thrilled to be considered am ong
those who strive to m ake a
difference. I am hum bled and
grateful for that award.
M y fa th e r, L ou B o sto n ,
passed away in 2009, and it is
from his legacy o f the service
that I choose to com m it m yself
to our com m unity. As we re
m em ber Charles W ashington,
we all have the same w ork to
do in order to preserve his
memory, and his legacy of good
new s telling, social ju stice ,
courage, and persistence. He
will alw ays be m issed. But,
there is still much w ork left to
do.
If ever PA A LF can be sup
portive to share stories w hich
prom ote our com m unity in a
positive way, or utilize the pa
per to bring folks together, we
hope that you consider us any
time.
C ertainly together, we are
all com m itted to diversity and
service! And together we can
make Portland a better place.
Cyreena Boston Ashby is
director of the Portland Af
rican American Leadership
Forum.
Offensive Narrative on the Housing Bubble
Magazine’s cover
perpetuates a myth
by
D edrick M uhammad
B lo o m b e r g
Businessweek magazine
just released its latest is
sue to m u ch -d eserv ed
uproar and outrage. On
its cover, the magazine featured Jim
Crow-esque caricatures that portrayed
people o f color as money hungry and
implicitly suggested that they will cause
a future housing bubble.
Unfortunately, this offensive image is
only the second worst thing about this
cover. Since the housing bubble burst in
2008, a myth has been perpetuated that
minorities, not predatory lenders, are
responsible for and profiteers of housing
bubbles.
The implications o f this false narrative
are particularly problematic as they can
inform the very economic and housing
policies that will determine the availabil
ity of homeownership for most Ameri
cans today.
D iscrim inatory lending has existed
in the housing m arket since the G reat
D e p r e s s io n , w h e n g o v e r n m e n t
'Portiani* (ßbsrroer
P ublish er :
E d ito r :
incentivized hom eownership chiefly for
w hite A m ericans. H om eow nership, the
prim ary source o f w ealth, catapulted
m any w hite A m ericans to the m iddle
class, leaving A frican A m ericans b e
hind. The resu lt was an econom ic
chasm betw een w hites and blacks now
com m only referred to as the racial
w ealth divide.
During the 1960s and 1970s, the civil
rights community helped convince the
government to enact policies to break
down many barriers for African Ameri
can homeownership. But, many of these
gains were eroded with the onset of
deregulation.
During the 2000s housing bubble, m i
nority borrowers were near 30 percent
more likely to be sold a subprime high-
cost loan than a homeowner in a white
suburb. And African-Americans with
similar credit profiles and down-pay
ment ratios to white borrowers were
more likely to be given subprime loans as
well.
M ortgage lenders and brokers were
even incenti vized to exploit minority bor
rowers as lenders were paid more to
push them towards riskier products and
not underwrite their loans.
By 2008, the housing bubble burst
Established 1970
Mark Washington
M ich a e l L eig h to n
E xecutive D irector :
Rakeem Washington
C reative D irector :
P aul N e u fe ld t
O ffice M anager /C lassifieds :
A dvertising M anager :
Lucinda Baldwin
Leonard Latin
S taff W riier /P hotographer :
Cari Hachmann
due to reckless banking and the m ort
gage m arket was in freefall. W hile
foreclosure rates skyrocketed all over
the country, com m unities of color ex
perienced disproportionate rate o f fore
closures and lost a disproportionate
am ount o f w ealth. W hite fam ilies in
A m erica lost 16 percent o f their net
w orth on average w hile black, and
H ispanic fam ilies lost 53 percent and
66 percent respectively.
In fact, the erosion o f w ealth in
m inority com m unities was so severe
that a recent study finds the ratio of
w ealth betw een black and white fam i
lies has tripled over the past 25 years.
H ow ever, with all this docum ented
history, many A m ericans still believe
that racial inequality is related to indi
vidual behavior, choices, character,
m arriage and child bearing. As T ho
mas Shapiro o f the Institute on A ssets
at B r a n d e is U n iv e r s ity n o te s ,
“hom eow nership has been the biggest
cause o f racial wealth disparity.”
Though Bloom berg B usinessw eek’s
actual article, “The G reat A m erican
H o u s in g R e b o u n d ” , n o te s how
hom eow ners have yet to recover from
the financial crisis, the corresponding
cover only included blacks and Latinos
USPS 959-680
in a home surrounded by m ounds of
dollars.
A pparently, and to our profound dis
appointm ent, the editorial team de
cided it was an “easier sell” to have a
cover scapegoating m inorities for a
possible second housing bubble than a
cover that honored the facts in their
very own article.
F a c e d w ith a v o c a l r e s p o n s e ,
B usinessw eek issued a classic “non
apology” expressing regret for the
strong reactions their cover may have
generated. They then, ironically, at
tem pted to scapegoat their Latino il
lustrator for the offensive and m is
lead in g co v e r art. W e c a n n o t let
B usinessw eek off the hook for this
grave offense.
We are asking Businessweek to take
full responsibility and appropriate action
for their outrageous cover and to print a
sto ry
on
the
im p o rta n c e
of
homeownership particularly for commu
nities of color. Such a well-regarded
magazine should welcome the opportu
nity to set the record straight on this
important economic issue.
Dedrick Muhammad is director of
the Economic Department at the
NAACP.
47 47 NE Martin Luther King, Jr. Bivd., Portland, OR 97211
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