Owned is a look into the dark history
behind the US housing economy after WWII.
Owning a home is the American dream but if you are black, this could
be impossible? From the very
beginning the housing situation in the US was racist. Programs were written and Presidents made promises but that
was really only to the white people.
Their programs made a permanent underclass of the most vulnerable people
in America.
When American men came back to the United
States after fighting in WWII, there was the VA home loan program. This guaranteed a home for the
veterans. But, neighborhoods were red lined as to separate white and black families. This
made the loans available only to white Americans. A black veteran couldn’t get a loan to purchase a house in
his “declining” community. Also, he
was restricted from purchasing a house in most of the new suburbs. He was able to remain only in
already decaying communities.
Housing values sky rocked over several
decades and homes were seen as an asset first and a place to live second. In the 1990’s, new policies loosened
lending regulations and people were encouraged to buy homes they couldn’t
afford. Then they were
advised to apply for a second mortgage.
In the fall of 2008, the financial sector melted down. Interest rates rose, people couldn’t
afford payments and the demand for housing fell.
Banks ended up in financial trouble, companies went out of business,
people lost their jobs and there were many foreclosures. I thought the details and facts presented in this film were eye-opening!! 3 1/2* (I liked this movie)
83 min, Doc directed by Giorgio
Angelini.
Note: Imdb 4.6 out of 10, Amazon 4* out of 5* with 8 reviews.
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