Modern day systemic racism, does it exist?

[rturner76]

Don't let that fool ya. History is full of examples of business accepting a slap on the wrist/fine, apologizing so they can move on even when they feel they were right, because it's cheaper to do so than going through years of litigation in order to prove yourself right.

Why make excuses for banks with racist practices?

 

[RDKirk]

Why make excuses for banks with racist practices?

What was that specific racist practice again?

 

[rturner76]

What was that specific racist practice again?

Red Lining

 

[essentialsaltes]

I never said it was.

Great! Now care to answer my question? Or are you gonna answer more questions that nobody has asked!

"The problems were poverty, unemployment"

My neighborhood had and has doctors and lawyers and entertainment figures. Poverty and unemployment were/are not issues. And that's why it was different from the places where those were issues.

 

[rjs330]

And yet this bank accepted the fine and vowed to “do better” in servicing black communities.

There you go again bringing up stuff that has already been answered. You don't pay attention. Either that or you just ignore it.

 

[rjs330]

Red Lining

Lol they weren't redlining. Name one single person who was refused a mortgage from this bank because they were black.

 

[essentialsaltes]

Lol they weren't redlining. Name one single person who was refused a mortgage from this bank because they were black.

Justice Dept. wins $31 million redlining settlement with L.A. bank​

 

[rturner76]

Lol they weren't redlining. Name one single person who was refused a mortgage from this bank because they were black.

I guess they admitted it and promised to change after paying their fine. But by all means, keep your blinders on, I'm sure they are comfy.

 

[rjs330]

Justice Dept. wins $31 million redlining settlement with L.A. bank​

A headline is now evidence? I have yet to actually see any evidence of them refusing to give mortgages to black people. Sensationalism is not evidence.

 

[RDKirk]

Red Lining

Redlining would be if all the banks refused to provide loans to an area. And I haven't heard that this bank would not have provided a loan to residents in that area from any other of its branches.

 

[rjs330]

I guess they admitted it and promised to change after paying their fine. But by all means, keep your blinders on, I'm sure they are comfy.

They did admit they weren't giving loans to black people? Where did they do that?

 

[jacks]

No, it wasn't redlining. Redlining is an industry practice. Redlining would be if all the banks refused to provide loans to an area. And I haven't heard that this bank would not have provided a loan to residents in that area from any other of its branches.

Yes, I worked for a bank and we would "redline" areas not people. And some of those areas were predominantly white. Our only concern was getting our money back.

 

[rturner76]

A headline is now evidence? I have yet to actually see any evidence of them refusing to give mortgages to black people. Sensationalism is not evidence.

I guess the evidence is what came out in court and got them fined. Do you think proving something in a court of law qualifies as evidence?

Redlining would be if all the banks refused to provide loans to an area. And I haven't heard that this bank would not have provided a loan to residents in that area from any other of its branches.

From what I remember in my Real Estate courses, even one individual can be convicted of redlining if it can be proven that they either refused loans or discouraged people from borrowing for residence in a particular neighborhood.

I could be wrong, it's been a while since I did that course.

They did admit they weren't giving loans to black people? Where did they do that?

I think they admitted it when they paid the fine and said they would try to do better.

 

[RDKirk]

I guess the evidence is what came out in court and got them fined. Do you think proving something in a court of law qualifies as evidence?

It didn't go to court. They settled out of court

City National Bank never admitted to any wrongdoing.

And the "fine" is actually an agreement to do $31 million dollars worth of business, advertising, and loan subsidies in black and Hispanic areas.

Essentially, the government is requiring City National Bank to build the kind of housing bubble that burst in 2008.

City National agreed to invest $29.5 million in a loan subsidy fund for residents of majority-Black and Hispanic neighborhoods in Los Angeles County. An additional $1.75 million will go toward advertising, outreach and financial education in majority-Black and Hispanic neighborhoods, as well as efforts to help increase access to residential mortgage credit in such neighborhoods, the DOJ said.

City National also agreed to open one new branch in a majority-Black and Hispanic neighborhood and evaluate additional opportunities for expansion within Los Angeles County.

The bank will also ensure at least four mortgage loan officers are dedicated to serving majority-Black and Hispanic neighborhoods and employ a full-time community lending manager who will oversee the continued development of lending in majority-Black and Hispanic neighborhoods, the DOJ said.
....

In a statement to ABC News, City National said it disagreed with the DOJ’s allegations, but supports the department’s efforts to ensure equal access to credit for all consumers, regardless of race.

“We are committed to ensuring that all consumers have an equal opportunity to apply for and obtain credit,” the bank said. “We stand proudly on our legacy of integrity, corporate philanthropy and commitment to the communities we serve.”

City National Bank to pay $31M redlining settlement

The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.

www.bankingdive.com

 

[Ken-1122]

Why make excuses for banks with racist practices?

I didn't.

 

[Ken-1122]

"The problems were poverty, unemployment"

My neighborhood had and has doctors and lawyers and entertainment figures. Poverty and unemployment were/are not issues. And that's why it was different from the places where those were issues.

So what caused Compton and Watts to become impoverished? What caused the Doctors, Lawyers, and Entertainment figures to leave; unlike in your neighborhood?

 

[essentialsaltes]

So what caused Compton and Watts to become impoverished? What caused the Doctors, Lawyers, and Entertainment figures to leave; unlike in your neighborhood?

My particular neighborhood, with bigger houses and nice views, attracted black lawyers and doctors and entertainers.

 

[Ken-1122]

My particular neighborhood, with bigger houses and nice views, attracted black lawyers and doctors and entertainers.

So why didn't your neighborhood with the bigger houses and nice views attract other lawyers, doctors, and entertainers?

 

[Pommer]

There you go again bringing up stuff that has already been answered. You don't pay attention. Either that or you just ignore it.

Was this the “fines and agreements with the government to change our lending habits are just the ‘cost of doing business!’” defense?

 

[Pommer]

So why didn't your neighborhood with the bigger houses and nice views attract other lawyers, doctors, and entertainers?

I dunno who lives in the house five doors down, much less why they chose to live where they are. Why would @essentialsaltes know these things about his neighborhood?