REPORT: Former HUD secretary criticizes Bloomberg on housing policy

FEBRUARY 12, 2020

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Former Housing and Urban Development (HUD) Secretary Julian Castro (D) criticized presidential hopeful Michael Bloomberg for statements he made while he was mayor of New York City in 2008, at the height of the financial crisis.

Bloomberg, a multi-billionaire running a self-funded presidential campaign, blamed the recession on the overturn of “redlining,” a discriminatory housing policy that made it difficult for people of color to qualify for mortgages.

The article goes on to state the following:

“It all started back when there was a lot of pressure on banks to make loans to everyone,” Bloomberg said at a forum that was hosted by Georgetown University in September 2008. “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.’

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