Redlining policies have had a lasting impact on the U.S. housing market.
In addition to clashes over nondisclosure agreements and policing practices, Sen. Elizabeth Warren and former New York Mayor Mike Bloomberg squared off during Wednesday night’s Democratic presidential debate over the mayor’s past comments regarding discriminatory housing policies.
Bloomberg campaign spokesman Stu Loeser told MarketWatch, “Mike wasn’t in any way supporting redlining and, in fact, fought hard against predatory lending as mayor and helped other cities find ways to keep people in their homes as a philanthropist.” During Wednesday’s debate in Las Vegas, Bloomberg walked back his 2008 comments, arguing that he is “well on the record against redlining.”
Here are some of the lasting effects the discriminatory policy still has on the country’s housing market: Gentrification caused the displacement of nearly 111,000 black Americans between 2000 and 2013. Those lower home prices have also become a double-edged sword in recent years in certain parts of the country, paving the way for gentrification in increasingly unaffordable cities like New York and San Francisco.
People of color still face more difficulty accessing credit In 2016, African-Americans made up 13% of the country’s population, but only received 6% of the mortgages that were originated that year, according to a MarketWatch analysis of Home Mortgage Disclosure Act data that demonstrates whom lenders are serving.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Clint Eastwood Endorses Mike Bloomberg, Wants Trump to Stop TweetingClint Eastwood appears to be switching sides by backing Mike Bloomberg for President.
Read more »
Bloomberg Should Have to Answer These Three Questions About the Financial CrisisMayor Mike used to say that Congress caused it. He needs to explain why he finally wants to regulate banks.
Read more »
Michael Bloomberg To Appear In First Town Hall For CNNMichael Bloomberg will participate in his first televised town hall since he entered the presidential race, as one of six candidates to take part in CNN events in South Carolina next week. Bloomber…
Read more »
Bloomberg and Biden both lied during debate about who ended stop-and-frisk, says judge who ruled against practiceDuring Wednesday's Democratic Debate both former New York City Mayor Mike Bloomberg and former Vice President Joe Biden took credit for ending stop-and-frisk, however retired Judge Shira Scheindlin said they had nothing to do with it.
Read more »
Wells Fargo close to roughly $3 billion settlement that would end probes into sales practices | Markets InsiderWells Fargo is nearing a deal with federal prosecutors that would settle a years-long investigation into the bank's sales practices in its banki...
Read more »
Morgan Stanley acquiring E*Trade for $13B in bet on 'Main Street customers'
Read more »