Economy: Economic News, Policy & Analysis - The Washington Post: Do we need minority-owned banks for minority communities?

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Do we need minority-owned banks for minority communities? Mar 13th 2012, 17:00 Minority-owned banks first emerged a century ago when segregation forced the creation of a "Black Wall Street," and they continued to grow during the civil rights era, when big banks were still wary about extending loans to low-income and minority communities. Some of these banks are still around today, but they've been hit particularly hard during the current recession — with low-income borrowers holding a disproportionate number of bad mortgages and suffering from high unemployment rates. Now minority-owned banks are having trouble bouncing back, even with big federal bailouts, the Boston Globe reports. Read full article >>

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