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U.S. Census Bureau
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 Black Stats          
Frequently requested data on African American consumers

Black Buying Power:
  $744 Billion (2006)

Black U.S. Population:
  38.3 million

Top Five Black Cities
  - New York
  - Chicago
  - Detroit
  - Philadelphia
  - Houston

Top Five Black Metros:
  - New York-New Jersey
  - Washington-Baltimore
  - Chicago-Gary
  - Los Angeles
  - Philadelphia

Top Five Expenditures:
 - Housing $121.6 bil.
 - Food $59.2 bil.
 - Cars/Trucks $32.1 bil.
 - Clothing $27.7 bil.
 - Health Care $17.8 bil.

Click here for more stats from "The Buying Power of Black America."
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Illinois Attorney General sues Wells Fargo for alleged discriminatory lending practices

(July 31, 2009) Illinois Attorney General Lisa Madigan today filed a lawsuit in Cook County Circuit Court against one of the nation's largest mortgage lenders and servicers. The complaint alleges that Wells Fargo and Company; Wells Fargo Bank, N.A., also doing business as Wells Fargo Home Mortgage; and Wells Fargo Financial Illinois, Inc., illegally discriminated against African American and Latino homeowners by selling them high-cost subprime mortgage loans while white borrowers with similar incomes received lower cost loans.

"As a result of its discriminatory and illegal mortgage lending practices, Wells Fargo transformed our cities' predominantly African-American and Latino neighborhoods into ground zero for subprime lending," said Madigan. "The dreams of many hardworking families have ended in foreclosure due to Wells Fargo's illegal and unfair conduct."

Madigan's lawsuit, which is the result of an investigation into possible violations of fair lending and consumer fraud laws, cites marked disparities in Wells Fargo's lending data. In 2005, according to an analysis of Chicago-area data, approximately 45 percent of Wells Fargo's African-American borrowers and 23 percent of the lender's Latino borrowers received a high-cost mortgage.

That same year, only about 11 percent of the lender's white borrowers received high-cost mortgages. The trend continued in 2006, with approximately 58.5 percent of Wells Fargo's African-American borrowers and 35 percent of its Latino borrowers in the Chicago area receiving high-cost mortgages, compared with only 16 percent of white borrowers. In 2007, approximately 49 percent of Wells Fargo's African-American borrowers and 25 percent of Latino borrowers were sold a high-cost loan in the Chicago area, compared with only 15 percent of white borrowers.

The lawsuit also follows a recent Chicago Reporter analysis of mortgage data submitted by Wells Fargo to the federal government. That study found that, in 2007, Wells Fargo sold high-cost, subprime loans more often to its highest-earning African-American borrowers in Chicago than to its lowest-earning white borrowers.

According to the study, in 2007, about 34 percent of African Americans earning $120,000 or more received high cost mortgages from Wells Fargo in the Chicago metro area, while less than 22 percent of white borrowers earning less than $40,000 received high-cost mortgages from the lender.

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Target Market News
Congratulates the
Recipients of the 2009



Advertising Executive
of the Year
CLIFF FRANKLIN

CEO
FUSE Advertising


Media Executive 
of the Year
LOUIS CARR
President. Broadcast
Media Sales
BET


Marketing Executive
of the Year
CRYSTAL WORTHEM
Multicultural Marketing Manager
Ford Motor Co.


Research Executive
of the Year
ESTHER FRANKLIN
Executive Vice Pres.,
Director of Cultural Identities
Starcom Mediavest  Group


Public Relations Executive
of the Year
KIM HUNTER

President / CEO
LAGRANT COMMUNICATIONS


Lifetime Achievement Award
JOHNATHAN RODGERS

President
TV One






"UNDER THE INFLUENCE"

Tracing the Hip-Hop Generation's Impact on Brands, Sports, & Pop Culture

By Erin O. Patten

Hip-Hop culture has had a profound impact on marketing in the past two decades and it provided an intersection for brands, sports, and popular culture. Erin O. Patton documents this impact in his new book, Under the Influence--Tracing the Hip-Hop Generation's Impact on Brands, Sports, & Pop Culture. 

Adam Graves, senior vice president of Deutsch Advertising says of Under the Influence and Patton: "If there are any marketers out there that still think they can ignore the urban market they'd better think again...This isn't just a book for so-called urban marketers; this should be mandatory reading for every marketer in the country."

Click here to order



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