Michael 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.
Michael 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.
Bloomberg's presidential campaign said Thursday the former New York mayor's comments, which were made at a Georgetown University forum in 2008, were meant to make the point that"something bad - the financial crisis - followed something good, which is the fight against redlining."The 2008 comments were first reported by the Associated Press."It all started back when there was a lot of pressure on banks to make loans to everyone," Bloomberg said at the time.
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Bloomberg blamed banks loaning money to black Americans for 2008 financial crash - Business InsiderIn resurfaced comments from September 2008, Bloomberg said the end of 'redlining' put pressure on banks to make riskier loans for homeowners of color.
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