Bernanke: ‘Discriminatory Lending Made Housing Crisis Worse for Minorities’

The Federal Reserve Chariman's statement was a surprise to many.

Warning: getimagesize( failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/blackenterprise/public_html/wp-content/themes/blackenterprise/single-standard.php on line 35

At a financial summit in Atlanta on Thursday, Federal Reserve Chairman Ben Bernanke said that discriminatory lending practices exacerbated the impact of the housing crisis on people of color, according to ThinkProgress.

He blamed two widespread practices, in particular.

“One is redlining, in which mortgage lenders discriminate against minority neighborhoods, and the other is pricing discrimination, in which lenders charge minorities higher loan prices than they would to comparable nonminority borrowers,” he said.

Read the whole post at ThinkProgress.