Wednesday, 12 February 2020

Bloomberg once blamed end of 'redlining' for 2008 collapse

Bloomberg once blamed end of 'redlining' for 2008 collapseAt the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said the elimination of a discriminatory housing practice known as “redlining” was responsible for instigating the meltdown. “It all started back when there was a lot of pressure on banks to make loans to everyone,” Bloomberg said at a forum that was hosted by Georgetown University in September 2008. Bloomberg, a billionaire who built a media and financial services empire before turning to electoral politics, was correct that the financial crisis was triggered in part by banks extending loans to borrowers who were ill-suited to repay them.

from Yahoo News - Latest News & Headlines

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