Barack Obama’s election marked a significant turning point in American history, and it was rightly celebrated as a sign of racial progress. But Obama’s presidency came at a time of economic hardship, due to predatory financial practices that led to the 2007 recession. That, combined with the Obama administration’s flawed housing policies, led to a major decline in African-American wealth during the Obama years, according to a new report from the People’s Policy Project, a new Washington, D.C.-based think tank.

“What it shows is we bailed out Wall Street — that wasn’t entirely Obama’s doing at all, that was Bush and the Federal Reserve, Ben Bernanke, and so forth — but housing was almost entirely under his control. Homeowners were not bailed out,” Ryan Cooper, one of the report’s authors, told The Intercept about the findings of the report.

Many middle-class Americans saw their wealth decimated by the subprime mortgage debacle, but African-Americans suffered a particularly heavy blow because so much of that population’s wealth was tied up in housing.

Cooper and his co-author Matt Bruenig cite data from the Federal Reserve’s Survey of Consumer Finances that demonstrates that home equity was important to middle-class Americans of all backgrounds in 2007 but particularly important to African-American wealth.