In resurfaced comments from September 2008, Bloomberg said the end of "redlining" put pressure on banks to make riskier loans for homeowners of color.
Over a decade ago as Wall Street financial giants verged on collapse, Mike Bloomberg, the 2020 Democratic presidential candidate who was then the mayor of New York City, tried diagnosing the cause of the economic chaos.
Redlining refers to a historical government-backed practice designed to segregate black Americans into separate neighborhoods and bar them from access to home loans. Story continues"It's been well documented that the 2008 crash was caused by unethical, predatory lending that deliberately targeted communities of color," said Debra Gore-Mann, the president and CEO of the progressive nonprofit Greenlining Institute, told the Associated Press, which first reported the remarks.
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