Lloyd Wynn

I would like to pay tribute to a woman who had a profound impact upon Blacks securing adequate housing in post-depression era Detroit. Burneice Avery’s name is probably not recognizable to those outside of Detroit or a majority of Motor City residents unless they have read historian, Thomas Sugrue’s “The Origin of the Urban Crisis”.…

Most experts will agree, we have entered an economic downturn unlike any other since prior to World War II. Housing starts and home sales have plummeted. Bankruptcy filings, unemployment and foreclosures have skyrocketed. When will we turn the corner and get back to normalcy? What you knew as normal will disappear with the final write…

The Home Owners Loan Act was passed in 1933 and the Act created an emergency agency called the Home Owners Loan Corporation (HOLC). The HOLC was under the supervision of the Federal Home Loan Bank Board (FHLBB). The primary function of HOLC was to refinance mortgages that were going into foreclosure. Mortgage foreclosures were occurring…

[This week, BlackCommentator.com welcomes Lloyd Wynn as a BC Columnist with his column, Smoke and Mirrors.] In light of hearings held by the Senate Banking Committee into the sale of Bear Stearns, I feel compelled to give you another story behind this transaction that the Federal Reserve and the Security and Exchange Commission are not…

Prior to the current mortgage crisis, the median wealth of a White family was $88,000.00, the median wealth of a Black family was $5,900.00. The forthcoming evidence proving the Federal Governments’ role in producing this startling statistic will be overshadowed by the controversy over the truthful statements of Rev. Jeremiah Wright and subsequent division in…

As you know, the financial sector of the economy is in a crisis now, particularly in mortgage lending. Nothing less than panic is rippling through financial markets the world over. The fallout from nonprime lending has cascaded into other segments of the global economy and what you are watching unfold is the reaction to an…

The good news: Consumers and homeowners should not feel ashamed because they were misled by Wall Street. Some of the most brilliant financial minds in the world were also sold some risky products by Wall Street. Auction rate securities (ARS) have been around since 1984 but at the turn of this century, Wall Street began…