#pullitzer prize

By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion.

Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining’s end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation’s first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind.

Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.

-- from the publisher

The 2016 Pulitzer Prize winning photojournalist who heads the Reuters office in Athens talks exclusively about documenting the refugee crisis, picks his favorite photo, and reveals that he is a grandchild of a refugee himself. Watch the interview.

Behrakis was born in 1960 in Athens, where he studied photography in the School of Arts and Technology. He received his BA (Honours) from Middlesex University. He worked as a studio photographer in Athens in 1985-86 and in 1987 he started a working relation as a contractor for Reuters. In late 1988 he was offered a staff job with the agency based in Athens. Since then he documented a variety of events including the funeral of Ayatollah Khomeini in Iran, the changes in Eastern Europe and the Balkans, the wars in Croatia, Bosnia and Kosovo, Chechnya, Sierra Leone, Somalia, Afghanistan, Lebanon the first and second Gulf wars the Arab Spring in Egypt, Libya and Tunisia.