Bloomberg said ending discriminatory housing practices caused financial crisis
Bloomberg’s answer is wrong on at least three counts. He is wrong to blame policies aimed at helping the victims of redlining for the predatory lending by banks and mortgage companies that helped cause the financial crisis. He’s wrong that redlining was done around “poor” neighborhoods when it actually focused on race.
Democratic candidate Sen. Elizabeth Warren made a similar point in a 2015 speech to the Edward M. Kennedy Institute for the U.S. Senate. She said, “Recently, several big banks and other mortgage lenders paid out hundreds of millions of dollars in fines, admitting that they illegally steered black and Latino borrowers into more expensive mortgages than white borrowers who had the same credit.… And it’s still happening.
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Michael Bloomberg said in 2008 that end of 'redlining' was to blame for financial crisisMichael Bloomberg said at the height of the housing crisis in 2008 that getting rid of 'redlining,' the biased housing practice that stopped banks from providing mortgages in low-income, largely minority neighborhoods, was to blame for the collapse.
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Bloomberg Once Blamed The Financial Crisis On Rules That Prevented Racial Discrimination In Real EstateI’m a San Francisco-based reporter covering breaking news at Forbes. Previously, I’ve reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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Bloomberg Once Blamed The Financial Crisis On Rules That Prevented Racial Discrimination In Real EstateI’m a San Francisco-based reporter covering breaking news at Forbes. Previously, I’ve reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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