Discriminatory mortgage lending intensifies racial segregation
On December 21, Bank of America settled a Justice Department complaint alleging racial discrimination in mortgage lending by its Countrywide subsidiary. But underlying issues are far from resolved. Longstanding federal inaction in the face of widespread discriminatory mortgage lending practices helped create, and since has perpetuated, racially segregated, impoverished neighborhoods. This history of “law-sanctioned” racial segregation has had many damaging effects, including poor educational outcomes for minority children.
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