The banks are blaming market conditions and other forces beyond their condition. Other forces beyond their control are largely responsible for their inability to meet the promise of lending to more black Americans. Baltimore was actually at the center of a series of lawsuits over reverse redlining, targeting by Wells Fargo and other banks of black communities for high interest subprime loan. And you think about that you talked to Terrence Jones Jr. and what you see there is just the erosion of one family's wealth, the missed opportunities.
NOTE: This episode originally aired in December 2022.
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In the aftermath of the 2008 financial crisis, some of the biggest mortgage lenders in the US promised to extend billions in new loans to Black homebuyers. That hasn’t happened. Instead, the numbers are going in the opposite direction.
Bloomberg senior economics writer Shawn Donnan joins this episode to talk about why banks have fallen short of the goal–and what it means for families across the country. Dedrick Asante-Muhammad of the National Community Reinvestment Coalition also joins to spell out what needs to be done to fix the problem.
Read more: Big US Banks Fall Short on Promises to Create Black Homeowners
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This episode was produced by: Supervising Producer: Vicki Vergolina, Senior Producer: Kathryn Fink, Producers: Mo Barrow, Michael Falero, Sound Design/Engineer: Gilda Garcia.
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