Concentration of Ownership Continues
In our economy that some call free enterprise and others call capitalism, the concentration of ownership in which fewer and fewer own more and more took a giant step forward in late August when Bank of America Corp. acquired a $2 billion equity stake in Countrywide Financial Corp. The meaning of this move, as reported in The Wall Street Journal, “is to dispel a crisis of confidence among creditors and investors in the nation’s largest home mortgage lender.”
But, there is a deeper meaning behind this move in terms of what is happening in the world of mortgages. As the Journal notes, “The move illustrates how among the current shake out among mortgage lenders, some financial heavyweights — including Bank of America and Wells Fargo & Co. — are gaining a firmer grip on the home mortgage business. Even as smaller rivals with less secure financing and capital bases fall by the wayside or are forced to retrench.”
The concentration of ownership in the home lending business means that a handful of lenders will be in a position to dictate the terms of future mortgages. Once more, our nation will be engulfed in a struggle between those who earn more than they own and those who own more than they earn. Karl Marx called it “the class struggle.”
But how can workers call a strike against a company that gets its work done in a factory on the other side of the globe?
The Forward is free to read, but it isn’t free to produce

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward.
At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and polarized discourse.
Readers like you make it all possible. We’ve started our Passover Fundraising Drive, and we need 1,800 readers like you to step up to support the Forward by April 21. Members of the Forward board are even matching the first 1,000 gifts, up to $70,000.
This is a great time to support independent Jewish journalism, because every dollar goes twice as far.
— Rachel Fishman Feddersen, Publisher and CEO
2X match on all Passover gifts!
Most Popular
- 1
Film & TV What Gal Gadot has said about the Israeli-Palestinian conflict
- 2
News A Jewish Republican and Muslim Democrat are suddenly in a tight race for a special seat in Congress
- 3
Fast Forward The NCAA men’s Final Four has 3 Jewish coaches
- 4
Culture How two Jewish names — Kohen and Mira — are dividing red and blue states
In Case You Missed It
-
Fast Forward ‘Another Jewish warrior’: Fine wins special election for U.S. House seat
-
Fast Forward Cory Booker proclaims, ‘Hineni’ — I am here — 19 hours into anti-Trump Senate speech
-
Opinion In Trump’s war against campus antisemitism, hate the tactics but don’t ignore the problem
-
Yiddish כ׳בענק נאָך די וועלטלעכע ייִדן וואָס האָבן אָפּגעריכט אַ טראַדיציאָנעלן סדר Longing for those secular Jews who led a traditional seder
מײַן פֿעטער יונה האָט נישט געהיט שבת און כּשרות אָבער בײַם אָפּריכטן דעם סדר האָט ער געקלונגען ווי אַ פֿרומער ייִד
-
Shop the Forward Store
100% of profits support our journalism
Republish This Story
Please read before republishing
We’re happy to make this story available to republish for free, unless it originated with JTA, Haaretz or another publication (as indicated on the article) and as long as you follow our guidelines.
You must comply with the following:
- Credit the Forward
- Retain our pixel
- Preserve our canonical link in Google search
- Add a noindex tag in Google search
See our full guidelines for more information, and this guide for detail about canonical URLs.
To republish, copy the HTML by clicking on the yellow button to the right; it includes our tracking pixel, all paragraph styles and hyperlinks, the author byline and credit to the Forward. It does not include images; to avoid copyright violations, you must add them manually, following our guidelines. Please email us at [email protected], subject line “republish,” with any questions or to let us know what stories you’re picking up.