Title: Redlining was banned 50 years ago. It’s still hurting minorities today. - The Washington Post
Headings: Redlining was banned 50 years ago. It’s still hurting minorities today.
Redlining was banned 50 years ago. It’s still hurting minorities today.
The Senate rolls back rules meant to root out discrimination by mortgage lenders

Content: Loans in these neighborhoods were unavailable or very expensive, making it more difficult for low-income minorities to buy homes and setting the stage for the country’s persistent racial wealth gap. ( White families today have nearly 10 times the net worth of black families and more than eight times that of Hispanic families, according to the Federal Reserve.) Advertisement
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“Homeownership is the number-one method of accumulating wealth, but the effect of these policies that create more hurdles for the poor is a permanent underclass that’s disproportionately minority,” said John Taylor, president and chief executive of the NCRC. “ I think most people believe the problem is not with the rules but with the people. Most middle-class whites in America don’t have empirical observations of what happens in underserved neighborhoods or understand the historical treatment of poor and minority communities.” The Federal Housing Administration institutionalized the system of discriminatory lending in government-backed mortgages, reflecting local race-based criteria in their underwriting practices and reinforcing residential segregation in American cities. The discriminatory practices captured by the HOLC maps continued until 1968, when the Fair Housing Act banned racial discrimination in housing. Could the #BankBlack movement help African Americans close the wealth gap? But 50 years after that law passed, the lingering effects of redlining are clear, with the pattern of economic and racial residential segregation still evident in many U.S. cities — from Montgomery, Ala., to Flint, Mich., to Denver. Advertisement
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Nationally, nearly two-thirds of neighborhoods deemed “hazardous” are inhabited by mostly minority residents, typically black and Latino, researchers found.