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Bloomberg (D) 100% right......Banks should have never given loans to low income people that couldn't pay back the loan.


Z09
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Democratic presidential candidate Michael Bloomberg came under fire for the second time this week after audio surfaced of the then-New York City mayor, at the height of the financial crisis in 2008, suggesting that ending a discriminatory policy known as “redlining” was to blame for the economic meltdown.

Redlining refers to the practice of cutting certain neighborhoods, and potential homebuyers, off from mortgage lending opportunities — often discriminating against predominantly black neighborhoods.

“It probably all started back when there was a lot of pressure on banks to make loans to everyone,” Bloomberg said at a forum hosted by Georgetown University in September 2008. “Redlining, if you remember was the term, where banks took whole neighborhoods and said: ‘People in these neighborhoods are poor, they’re not going to be able to pay off their mortgages, tell your salesman don’t go into those areas.’”

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