By Brandon Whitney

The mortgage crisis has had a tremendous effect on the country and the African American community.  Cities like Oakland, Detroit, and Baltimore are suffering as homes are foreclosed upon.  A combination of poor lending practices and a failure to regulate the lending industry have affected the economy of the United States and the rest of the world.  Fanatic deregulation has caused serious harm to the United States and the African American people.

Capitalism is dependent on regulation.  A free market requires trust to function.  If people don’t believe that the person who is selling them the product will actually deliver, they will not buy from them.  If they believe that those who sell them products are lying to them, they will not participate in the market.   As dishonest businesses flourish, honest ones find it difficult to compete and often find themselves subscribing to business philosophies that are harmful to the nation.  Regulation stops dishonest businesses from creating environments that harm both consumers and producers.

The philosophy, and some would say religion, of deregulation fails to recognize the symbiotic relationship between the government and the market as well as the differences between the myopic vision of capitalism held by the extreme right and the practical capitalist philosophy that led to the prosperity that the United States has enjoyed.  If the nation is to become a economic powerhouse with equal opportunity for all then the special interests that represent the mortgage industry and big business must be marginalized.

If you are worried about keeping your home because of unfair lending practices by mortgage companies, or if you just need to know what your rights are, contact Acorn Housing. This is an organization that works to help people obtain and keep their homes.

Brandon is the creator of Homelandcolors.blogspot.com a blog that focuses on issues that affect the African American community. He is also a frequent guest on News and Notes’ Blogger Roundtable. Brandon has political experience as an outreach director for the Democratic party and is passionate about being a positive force in his community.