Edinburgh We have real deserts like Sahara, the Gobi, Mohave, or Chihuahuan in the world. We have food “deserts” in many lower income communities with little choice but mom-and-pops, corner stores, kiosks, and bodegas to serve millions. Now there’s increasing evidence that banks have been allowed to build “credit deserts” in many cities, and work …
Tag: lending
Wholesale Bank Retreat from Lending to Lower Income and Minority Borrowers
New Orleans The Community Reinvestment Act (CRA) passed in 1978, more than 35 years ago, was straightforward. Banks could no longer redline, meaning they could not use the deposits from lower income and minority neighborhoods to finance mansions for the rich in the sprawling suburbs. More plainly stated, they could not discriminate in their lending. …
Citizen Participation in Paterno and Banks Settle for Billions On Small Foreclosure Aid
Paterno Every place is different whether town or country, but there’s something about waiting for a meeting to start in many countries that always feels the same. My presentation in Paterno before the members of La Citta civic movement and many others who had been invited was scheduled for 7 pm. I had been warned …