
Loading summary
Ryan Reynolds
Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same Premium Wireless for $15 a month plan that I've been enjoying. It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do@mintmobile.com.
David Brancaccio
Switch upfront payment of $45 for 3.
Lee Hawkins
Month plan equivalent to $15 per month Required intro rate first 3 months only then full price plan options available, taxes and fees extra. See full terms at Mintmobile do the.
David Brancaccio
Midwestern land deal that once dealt a blow to housing discrimination. I'm David Brancaccio in New York. First, there's news today the Trump administration is thinking about combining and shrinking federal agencies that regulate banking. That's according to the Wall Street Journal. Among parts that could become involved one that manages the insurance on your bank deposits. The fdic.
Ryan Reynolds
They are the Federal Deposit Insurance Corporation which protects customer funds in the event a bank fails. We saw the agency in action during the midsize bank failures in 2023. The Consumer Financial Protection Bureau, a watchdog that has been a thorn on the side of banks and credit issuers for actions such as limiting overdraft and other fees and the Office of the Comptroller of the Currency, which is an independent bureau inside the Treasury Department. It along with the Federal Reserve, supervises banks and ensures the safety of the overall financial system.
David Brancaccio
Novo thank you. Markets S and P and Dow futures are both down a tenth of a percent. The big economic datum of the day will be inflation. The Consumer Price index covering January. The headline figure is supposed to come down a notch with year over year inflation dropping slightly to 2.8%, which is still higher than the guardians of interest rates want. We shall see.
Public Investing
Serious about investing? You need to know about public.com. that's where you can invest in everything. Stocks, options, bonds, crypto. They even offer some of the highest yields in the industry like the bond account's 6% or higher yield that remains locked in even if the Fed cuts rates. What sets Public apart is how they give you the tools you need to make informed investment decisions. Their built in AI tool called Alpha doesn't just tell you if an asset is moving, it tells you why the asset is moving so you can actually understand what's driving your portfolio's performance. Public is a FINRA registered SIPC insured US based company with a customer support team that actually cares. Bottom line, your investments deserve a platform that takes them as seriously as you do. Fund your account in five minutes or less at public.commorningreport and get up to $10,000 when you transfer your old portfolio. That's public.commorningreport paid for by Public Investing. All investing involves the risk of loss, including loss of principal. Brokerage services for U.S. listed registered securities, options and bonds in a self directed account are offered by Public Investing Inc. Member FINRA and SIPC. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC. Complete disclosures available@public.com disclosures let's talk about.
David Brancaccio
A key marketplace matter who got access to buying a house in America? Foundation of many families, generational wealth, or lack thereof Today, the first in a series called Unlocking the Gates on Housing and Economic Opportunity with Marketplaces special correspondent Lee Hawkins. We start with a secret nighttime business deal which unlocked the gates in one Minnesota suburb for dozens of black families seeking better schools and safer neighborhoods, including Lee's own family.
Lee Hawkins
This is the house that I grew up in. My parents moved my two sisters and me in 1975 when I was just 4 years old. Maplewood, a suburb of 25,000 people, at the time, was more than 90% white. I recently learned that we were able to move here because of some shrewd moves by the couple who lived in the big house behind ours, James and Francis Hughes. In 1946, they found a white farmer willing to sell them 10 acres of land for $8,000. According to an interview with Frances. Economic justice was their goal.
David Brancaccio
It was just after the war, there was a tremendous shortage of housing and a great deal of new development was going on to try to fix that. But my dear Negroes couldn't even buy a lot in these developments. They didn't even need deed restrictions to turn us away. They just refused to sell.
Lee Hawkins
By the 1960s, the neighborhood had grown into a thriving black suburban community, one of the few of its kind in America.
David Brancaccio
In the 50s, Mr. Hughes decided he was going to let go of the farming, and it coincided with 94 going through the Rondo community and displacing, you.
Lee Hawkins
Know, those people, that is Mrs. Ann Marie Rogers. Like so many other black communities across the country, Rondo was destroyed to make way for a highway. It was a forced removal. Marc Haynes is like a big brother to me. He took some bass guitar lessons from my dad and even end up later playing bass for Janet Jackson. Since his family moved to Maplewood several years before mine. I called him to see what he remembered. It was a pretty Tight knit group of people. Every week I think they would meet actually it just felt like they seemed to be having a lot of fun. And I think there was an investment club too. Mr. Hughes granddaughter Carolyn Hughes Smith told us more about his vision for wealth building. But before he became a historical figure, he was just grandpa.
David Brancaccio
The things that I really remember about him is he could whistle like not whistle, but he could sing like a bird, you know, always just chirping.
Lee Hawkins
She was aware of some of the difficulty he faced in completing that transaction that forever changed Maplewood.
David Brancaccio
What I heard later of course, was that my grandpa was able to find someone that actually sold the land to him out there. And it, you know, and that's where it all started really.
Lee Hawkins
That someone was Frank Torick. His great granddaughter, Davita Torick is a California based psychotherapist. When I tracked her down, she was astonished to hear the long buried story.
David Brancaccio
When I received your email, it was quite shocking. Like that somehow I could be a part of this amazing story of generational wealth.
Lee Hawkins
Here's Jason Johnson, another childhood friend with a Minnesota musical connection. His aunt Cynthia Johnson was the lead singer of Lip Sync whose hit song Funky Town became a defining anthem of its time. I now know the bigger star was his grandmother.
Unnamed Speaker
They had told her that, well, you have to have so much money down by tomorrow for you to get this house. But my grandmother was, she was really smart and her father was really smart. So he had her have savings bonds. So what she told me was if you have it in writing then I'll do my best to come up with the money. I don't know if I'll be able to. She was able to show up that day with all her savings bonds and everything and had the money to get it. And they were so mad that when she had got the house, they were so mad that. But nothing that they could do legally because she had it on paper.
David Brancaccio
We'll have more of Lee Hawkins series on access to housing this week here and all of his Unlocking the Gates series will accumulate at Marketplace Online in New York. I'm David Brancaccio with the Marketplace morning report from APM American Public Media.
Are you a financial advisor? Considering the independent Registered Investment Advisor or RIA model and wondering where to start. Start with Schwab Advisor Services. Schwab has helped thousands evaluate the full range of options and can help you determine your best path forward. Navigate the big and small decisions by tapping into Schwab's decades worth of insights on what fuels RIA success with Schwab Advisor Services, you have a custodian that will support you every step of the way. Start your journey today@advisorservices.schwab.com PEFS.
Release Date: February 12, 2025
Host: David Brancaccio
Special Correspondent: Lee Hawkins
In the February 12, 2025 episode of Marketplace Morning Report, host David Brancaccio delves into a transformative land transaction that reshaped a Minnesota suburb, unlocking access to homeownership for dozens of Black families. Titled "Unlocking The Gates: A land transaction opens up a community," this episode is the inaugural entry in a series exploring the intersections of housing and economic opportunity.
Lee Hawkins, Marketplace's special correspondent, sets the stage by recounting his family's move to Maplewood, Minnesota, in 1975. At the time, Maplewood was a predominantly white suburb with a population exceeding 25,000. Hawkins shares a personal connection, stating:
“This is the house that I grew up in. My parents moved my two sisters and me in 1975 when I was just 4 years old.” (Lee Hawkins, 03:45)
The opportunity to reside in Maplewood arose from a strategic land purchase made in 1946 by James and Francis Hughes. They acquired 10 acres of land from a white farmer for $8,000, laying the foundation for a thriving Black community in an era marked by rampant housing discrimination.
Post-World War II America experienced a severe housing shortage alongside rapid development. However, discriminatory practices severely limited Black families' access to homeownership. Hawkins elaborates:
“They didn’t even need deed restrictions to turn us away. They just refused to sell.” (David Brancaccio, 04:00)
James Hughes recognized the importance of economic justice and took deliberate steps to create opportunities for Black families. By securing land and fostering a supportive community, the Hughes family empowered residents to build generational wealth despite systemic barriers.
By the 1960s, Maplewood had evolved into one of the few thriving Black suburban communities in the United States. The Hughes family's vision extended beyond mere land acquisition; they aimed to cultivate financial stability and community cohesion. Carolyn Hughes Smith, James Hughes' granddaughter, provides insight into his wealth-building strategies:
“[Hughes] had his granddaughter Carolyn Hughes Smith tell us more about his vision for wealth building. But before he became a historical figure, he was just grandpa.” (Lee Hawkins, 06:16)
Hughes implemented smart financial practices, such as investment clubs, which fostered economic resilience among residents. These initiatives were pivotal in establishing a robust foundation for future generations.
The success of Maplewood's Black community did not go unnoticed. During the 1950s, the Hughes family's decision to move away from farming coincided with widespread efforts to dismantle Black neighborhoods. David Brancaccio highlights the plight of the Rondo community:
“Rondo was destroyed to make way for a highway. It was a forced removal.” (Lee Hawkins, 05:14)
This pattern of displacement underscores the broader challenges faced by Black communities seeking stability and prosperity through homeownership.
Personal narratives enrich the episode, illustrating the tangible impact of the Hughes family's land transaction. Davita Torick, a psychotherapist and great-granddaughter of Frank Torick—the individual who facilitated the original land sale—reflects on the legacy:
“When I received your email, it was quite shocking... I could be a part of this amazing story of generational wealth.” (David Brancaccio, 07:02)
Jason Johnson, another childhood friend with musical ties, shares his family's experiences:
“They had to have so much money down by tomorrow to get this house. But my grandmother was really smart... She showed up with all her savings bonds and had the money to get it.” (Unnamed Speaker, 07:39)
These stories highlight the ingenuity and determination that enabled Black families to overcome financial obstacles and secure homeownership.
The land transaction spearheaded by James and Francis Hughes not only provided immediate access to housing but also established a legacy of economic empowerment and community solidarity. This legacy is evident in the generational wealth and strong communal bonds that persist in Maplewood today.
David Brancaccio concludes the segment by emphasizing the broader implications of such land deals:
“A key marketplace matter: who got access to buying a house in America? Foundation of many families, generational wealth, or lack thereof.” (David Brancaccio, 03:17)
"Unlocking The Gates" offers a profound exploration of how strategic land transactions can dismantle barriers to homeownership and foster economic opportunity within marginalized communities. Through personal testimonies and historical analysis, Marketplace Morning Report illuminates the enduring significance of access to housing in building generational wealth and strengthening community ties.
Listeners can anticipate further installments in this series, which will continue to unravel the complexities of housing access and its pivotal role in economic empowerment.
For more insights and episodes, visit Marketplace Online.
Notable Quotes: