Tuesday, September 3, 2019

A form of Reparations?

There's been more talk of Reparations since Ta-Nehisi Coates' The Case for Reparations was published. In it, he talks about how redlining was used as a tool to essentially steal wealth from black communities. I wondered if there is a way to help reverse the effects of redlining in these communities... currently home mortgages are tied to the original lender; the mortgage taker cannot transfer a mortgage to another home buyer nor can someone who inherits a house continue to honor the terms of the mortgage to pay off the remaining debt. Lending institutions, on the other hand, can trade mortgages left, right, inside-out and upside down. *So* creating a mortgage that can be transferred to the heirs of a home owner would be a way to increase the intergenerational transfer of wealth and make it easier to build wealth over generations. Not reparations but a way to build value over generations.

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