IRS
What does the IRS stand for?
Internal Revenue Service
What private non-denominational university was denied tax exemption by the IRS?
Bob Jones University
How did insurance companies particpate in segregation?
They had large reserve funds to invest and were heavily regulated by state policymakers.
What was the racial discrimination government activities committed by banks?
reverse redlining
What were subprime loans known as bank employees?
ghetto loans
What places did the IRS grant tax exemptions to?
churches, hospitals, universities, and neighborhood associations
Why did the IRS deny tax exemptions from Bob University?
Because the school would not allow interracial dating by its students
What was the Metropolitan Life Insurance Company?
Founded by Fredrick Ecker to build 12,000 unit Parchester apartments in New York CIty.
What did banks, thift institutions, and mortgage companies design for borrowers who had a higher risk of default?
subprime loans
What bank were suits bought forth against?
What did the IRS promote?
de jure segregation
What president refused to defend Bob University?
Ronald Reagan
What was the amendment that the Metropolitan Life Insurance Company had to propose?
permitted insurers to invest in low-rent housing that excluded African Americans.
What did brokers receive as an incentive to pressure borrowers into accepting subprime mortgages?
yield spread premiums
How did Wells Fargo instruct African Americans employees to market to the black community?
What did the IRS attempt to be obligated to do?
withhold tax favoritism from discriminatory organizations
William T. Coleman. He made the argument that the government itself should have presented.
What method was used by the New York City Board of Estimate to exclude African Americans from Stuyvesant Town?
Slum clearance
How did brokers and loan officers manipulate borrowers?
Brokers and loan officers manipulated borrowers by convincing them they could take advantage of rising equity to refinance their loans before the teaser rates expired and take cash out of the increased equity with a share left as a profit for the lending institutions.
Why did the City of Cleveland sue large groups of subprime lenders such as Wells Fargo, Bank of America, and other financial institutions?
The City of Cleveland sued those subprime lenders because they were marketing in Cleveland's depressed black neighborhoods because of the high poverty and unemployment rates that would prevent borrowers from receiving enough apperication to afford higher rates.
Who did the IRS exclusively grant tax exemptions to?
whites only
What was the court's decision in the case?
The court found that the IRS was correct in its decision to revoke the tax-exempt status of Bob Jones University because the institution did not meet requirements due to their discriminatory policies.
What did the statue entail by the New York State legislature in regard to housing discrimination?
The New York State legislature enacted a statute prohibiting racial discrimination in any housing that received state aid in the form of a tax exemption, a sale of land below cost, or land obtained through condemnation.
How did the Federal Reserve violate African American legal and constitutional rights?
The Federal Reserve violated African Americans legal/constitutional rights by failing to curb discrimination that its own data disclosed in its 2005 survey revealed racial discrepancies.
In modern society, how are the same subprime banks that exploited African Americans are returning?
By reselling foreclosed properties to low and moderate-income households at higher interest rates, with high down payment, no equity accumulated until the contract period has ended,