Search results
Results from the WOW.Com Content Network
Redlining is a discriminatory practice in which financial services are withheld from neighborhoods that have significant numbers of racial and ethnic minorities. [2] Redlining has been most prominent in the United States, and has mostly been directed against African Americans, as well as Mexican Americans in the Southwestern United States. [3]
Owing to redlining, African-Americans usually did not qualify for mortgages from banks and savings and loan associations. Instead, they resorted to land installment contracts at above market rates to buy a house. Land installment contracts were historically predatory agreements in which buyers made payments directly to sellers over a period of ...
The concept of digital redlining is an extension of the practice of redlining in housing discrimination, [2] [3] a historical legal practice in the United States and Canada dating back to the 1930s where red lines were drawn on maps to indicate poor and primarily black neighborhoods that were deemed unsuitable for loans or further development ...
The anti-redlining effort has now secured $107 million in relief, including the Ameris settlement, which a judge must approve. A $31 million settlement with Los Angeles-based City National in ...
“Redlining devalued residential real estate, which made it more attractive to real estate speculators because of artificially low prices, so you can flip it for more money.
In the lawsuit, Redfin was accused of systematic racial discrimination by offering fewer services to homebuyers and sellers in minority communities — a type of digital redlining that has ...
Racial discrimination also results in impacts on the credit scores and economic security of communities of color—that ultimately, "entrenches and reinforces inequality by dictating a consumer's access to future opportunities". [111] Numerous studies have found racial disparities in credit scoring:
Redlining has helped preserve segregated living patterns for blacks and whites in the United States because discrimination motivated by prejudice is often contingent on the racial composition of neighborhoods where the loan is sought and the race of the applicant. Lending institutions have been shown to treat black mortgage applicants ...