Description

Meg Vaillancourt reports that the Federal Reserve Bank has released a study finding that banks in Boston are guilty of redlining. Vaillancourt notes that three times as many mortgages are approved in Boston's white neighborhoods as in African American neighborhoods. Vaillancourt reviews the findings of the study. Vaillancourt interviews African Americans on the street. They talk about their experiences in applying for mortgages. Vaillancourt reports that African Americans earn less than whites on average. She adds that these economic factors do not explain the gap in mortgage lending practices. Vaillancourt interviews Joseph Kennedy (US Congressman). Kennedy condemns redlining practices. He adds that banks should not practice discrimination, noting that many banks receive federal funds. Vaillancourt reports that Boston banks have agreed to change their lending practices. She adds that meetings between community activists and banks are scheduled for next month. Vaillancourt's report is accompanied by footage of employees and customers in banks and shots of residential homes. 1:00:14: Visual: Shots of residential homes in suburban areas. Meg Vaillancourt reports that home prices are on the rise. Vaillancourt notes that race can also be obstacle to home ownership. V: Footage of an African American man being interviewed at Downtown Crossing in Boston. The man says that he is turned down every time he applies for a mortgage. Footage of an African American woman being interviewed at Downtown Crossing. The woman says that she has had to submit a great deal of paperwork when applying for a mortgage; that she has been...

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WGBH

Record Harvested From

Digital Commonwealth