Mike Bloomberg once blamed banks making loans to black Americans as the cause of the 2008 financial crash
, then-New York Mayor Mike Bloomberg tried diagnosing the root cause of the economic chaos.
"It all started back when there was a lot of pressure on banks to make loans to everyone," the billionaire Democratic presidential candidate said at the time. "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 salesmen don't go into those areas.
Bloomberg is accurate that risky loans helped spark the crisis, but experts have said since the crash that communities of color were often the targets of predatory lending.
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