(music, cheering and applause)
Welcome back.
Now, black people enjoy wealth more than anyone.
Just look at how much fun Diddy's having.
(laughter)
But Puff Dollars is the exception.
Not the norm, because when it comes to black wealth,
our funds are lower than Anita Baker's vibrato.
(vocalizing)
The average black family does have just 10% of the wealth
of the average white family.
Median black household wealth could hit zero by 2053.
Wow! Zero dollars by 2053?
"F" "Get Rich or Die Tryin'."
With that net worth, you can't even afford to die.
(laughter)
Hell, I can barely afford this set.
I'm looking for a roommate right now.
(laughter and applause)
Look, there's one major obstacle keeping black folks
in Broke Fi Broke fraternity incorporated.
Yes. Yes.
But also, we can't buy homes.
For most of America, buying a home
is the number-one way to build wealth.
But not for black Americans.
(woman) In 2015, the black homeownership rate was just over 40%
and trailing a full 30 points
behind the white homeownership rare.
The gap between white and black ownership
is wider now than it was in 1960.
That is unacceptable.
The only thing allowed to be whiter now than it was in 1960
is Diana Ross's hair.
And here is the reason that gap
is as wide as the river keeping Diana away from you.
(male reporter) In almost every city in America,
African Americans and Latinos were denied home loans
at higher rates than whites.
(second male reporter) Blacks applicants were less likely
to get a home purchase loan regardless of income.
Hm, and that's just the facts.
I mean, I'm on TV and I can't...
(man) Hey, hey, hey, hey, hey!
Can you keep it down? Keep it down!
Wait...
(laughter)
I'm-- I'm sorry. Who are you?
Oh, I'm your new roommate.
(laughter)
Can you try and just run it down a little quieter?
I'm trying to watch "Atlanta." I love me some Gambino.
(laughter and applause)
Sure. Sorry.
Anyway, it's not just me.
Black folks struggle to buy homes
like the White House struggles to find black interns.
Look, when Obama left,
they even got rid of the brown floor.
(male reporter) ...moved to Philadelphia in 2015
hoping to buy a home.
She made a good income as a computer programmer.
I got shot down left and right.
(male reporter) She asked her girlfriend, Haniko Franz,
who is half white and half Japanese,
to apply with her.
Franz was working part-time.
One of her most recent biweekly paychecks was $162.
Forule and Franz closed on their house
a few weeks after Franz signed on.
I needed to have a white person
or someone who's white-adjacent vouch for me.
White-adjacent?
Oh, is that what Eminem is?
Either way, he still has better access
to loans than black folks.
And that's because the system has been working
against black people since Sidney was crashing dinners.
(male reporter) The 1968 Fair Housing Act
was a response to redlining, a racist lending practice
where the federal government colored minority neighborhoods
red on maps, labeling them hazardous to lend in.
In 1977, President Carter went further
with the Community Reinvestment Act,
requiring banks to lend to qualified borrowers
in loan-cum-communities.
But banks are still refusing to lend to us today.
Call it the redlining reboot.
It's like Mel Gibson's career.
They try to repackage it as good,
but it's just as racist as ever.
And it happens because these institutions cheat the laws
meant to protect us the way Bianca Lawson cheats aging.
She's still playing teenagers.
(male reporter) These laws have not solved the problem.
Financial institutions granted 806 loans to whites
between 2012 and 2016
and rejected them 152 times.
African Americans got 275 loans
and were rejected 471 times.
Damn, I haven't seen that many black people
left out in the cold since the Migos "T-Shirt" video.
Look, black folks need that information
to keep banks in check.
But Congress is trying to hide that data
like the Braxtons hide the boy Braxton.
The Senate voted to roll back part of Dodd-Frank.
The bill would roll back many of the Wall Street reforms
passed a decade ago.
There are a fair number of financial institutions
that just outright discriminate.
About 85% of banks are actually
not gonna have to report that data.
If there's no data, then there's no way to know
if these financial institutions
are discriminating against people.
So we know banks discriminate.
And the Senate just made it easier for them to do it.
It's like giving Plankton the keys to The Krusty Krab.
You know he's going in there to steal all the Krabby Patties.
Why would you do that?
Look, and it's not just the usual Republicans
marginalizing black folks this time.
It's also Democrat politicians that we've supported.
Like America's Spanish-speaking stepdad Tim Kaine
and Doug "98% of Black Women Voted for Me" Jones.
They're supposed to ride for us.
But they got off that tandem bike a couple blocks ago.
They need to get back to representing us.
Because without home loans, black people will never...
(man) Robin, Robin, Robin! Rob...
How much longer are you gonna be, huh?
I got people comin' over!
You know what, I'll-- I'll finish now.
We'll be right back.