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4 Bumps

Did the housing crash not teach them ANYTHING??

A Renewed Crackdown on Redlining
In the wake of the subprime implosion, the Obama Administration has stepped up its scrutiny of disadvantaged neighborhoods' credit access

Community activists in St. Louis became concerned a couple of years ago that local banks weren't offering credit to the city's poor and African American residents. So they formed a group called the St. Louis Equal Housing and Community Reinvestment Alliance and began writing complaint letters to federal regulators.

Apparently, someone in Washington took notice. The Federal Reserve has cited one of the group's targets, Midwest BankCentre, a small bank that has been operating in St. Louis's predominantly white, middle-class suburbs for over a century, for failing to issue home mortgages or open branches in disadvantaged areas. Although executives at the bank say they don't discriminate, Midwest BankCentre's latest annual report says it is in the process of negotiating a settlement with the U.S. Justice Dept. over its lending practices.

http://www.businessweek.com/magazine/content/11_20/b4228031594062.htm

Answer Question
 
Carpy

Asked by Carpy at 6:07 PM on May. 11, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (19)
  • Apparently not.
    chaiteamomma

    Answer by chaiteamomma at 6:10 PM on May. 11, 2011

  • Is this a rhetorical question?
    NotPanicking

    Answer by NotPanicking at 6:11 PM on May. 11, 2011

  • And you thought it would? I saw this earlier too Carpy. *sigh* Here we go again damnit
    DSamuels

    Answer by DSamuels at 6:11 PM on May. 11, 2011

  • Is this a rhetorical question?
    NotPanicking

    Answer by NotPanicking a mi

    LOL. Considering who we're talking about, I would have to say yes.
    Carpy

    Comment by Carpy (original poster) at 6:13 PM on May. 11, 2011

  • You lost me at community activists.  It doesn't matter if we learned anything, they will be loud about it until they get some attention.  Recent history be damned.

    QuinnMae

    Answer by QuinnMae at 6:18 PM on May. 11, 2011

  • But, these people have a 'right' to the loans. Why does it matter they don't have the income to service the loan? It is their right. No, wait. I thought it is a privilege to be able to request and be granted a loan for a purchase like a home after you have held a job for longer than 2 paychecks, saved some money to put down so you have something vested in the home, and proven you can be trusted to repay money borrowed. Silly me!

    jesse123456

    Answer by jesse123456 at 6:25 PM on May. 11, 2011

  • Is there something somewhere that says people trying to make money need to open locations in disadvantaged neighborhoods? The bank is foolish for not fighting this. If I was black I would be insulted that "some people" think all black people are poor. I personally have met some rather financially well off black people. (One of them was my boss.) Now if those black people came to the bank and got turned down then there would be a case. But if poor people get turned down for mortgages they can't really afford in the first place I don't care what race or color they are.

    So who was supposed to learn something? The Department of Justice? The Bank or the community activists?
    LoveMyDog

    Answer by LoveMyDog at 6:33 PM on May. 11, 2011

  • Another reason to beat my head against the desk *sigh*
    hopeandglory53

    Answer by hopeandglory53 at 6:43 PM on May. 11, 2011

  • When did the ability pay and credit stop getting people loans???? WHEN the banks started giving them to anyone to make sure everyone feels equal, and loved.... AWE! This gets me all warm and fuzzy inside.

    amazinggrace83

    Answer by amazinggrace83 at 6:56 PM on May. 11, 2011

  • And people wonder why the banks needed bailouts.
    yourspecialkid

    Answer by yourspecialkid at 7:01 PM on May. 11, 2011

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