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ShoreBank, a community-development bank in Chicago's South Shore neighborhood, was a part of the private sector fight against redlining. [53] Founded in 1973, ShoreBank sought to combat racist lending practices in Chicago's African-American communities by providing financial services, especially mortgage loans, to local residents. [54]
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
An obscure 47-year-old law designed to right the historic wrongs of redlining was the ‘original ESG framework,’ execs say. Just look at how Crown Heights and Bed-Stuy have changed Dylan Sloan
Ta-Nehisi Coates "The Case for Reparations" is an article written by Ta-Nehisi Coates and published in The Atlantic in 2014. The article focuses on redlining and housing discrimination through the eyes of people who have experienced it and the devastating effects it has had on the African-American community.
The term redlining stems from a decades-old pattern of discrimination – lenders color-coded maps to exclude homeowners in Black and other non-White neighborhoods from mortgages, on the grounds ...
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While the roots of redlining lie in excluding populations based on geography, digital redlining occurs in both geographical and non-geographical contexts. [2] An example of both contexts can be found in the charges brought against Facebook on March 28 of 2019, by the United States Department of Housing and Urban Development (HUD). HUD charged ...
The mortgage lender will pay a $1.9 million penalty and provide $7 million in loan subsidies as a result, the CFPB said in a statement. Fairway determined that a settlement with the bureau would ...