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A 2017 study by Federal Reserve Bank of Chicago economists found that redlining—the practice whereby banks discriminated against the inhabitants of certain neighborhoods—had a persistent adverse impact on the neighborhoods, with redlining affecting homeownership rates, home values and credit scores in 2010.
Mortgage discrimination or mortgage lending discrimination is the practice of banks, ... banks practiced redlining or denial of financial services including banking ...
The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville ...
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The Community Reinvestment Act was passed in response to redlining practices perpetuated by banks, which were systematically lending money to certain (often white, wealthy) neighborhoods and ...
NEW YORK (AP) — The Justice Department accused Los Angeles-based City National Bank on Thursday of discrimination by refusing to The post Bank to pay $31M in mortgage discrimination settlement ...
Owing to redlining, African-Americans usually did not qualify for mortgages from banks and savings and loan associations. Instead, they resorted to land installment contracts at above market rates to buy a house. Land installment contracts were historically predatory agreements in which buyers made payments directly to sellers over a period of ...
NEW YORK (AP) — The three major U.S. banking regulators said Thursday they a plan to rewrite much of the The post Anti-discriminatory bank law getting update to address harm of redlining ...