According to Courthouse News Service, the city of Los Angeles is accusing Citibank of “reverse redlining”, leading to shuddered neighborhoods and vastly declining property taxes. Data presented by the city showed that from 2004 to 2011, blacks were more than two times as likely as whites to receive predatory loans from Citibank. According to the city, at least 1,200 of those bad loans resulted in foreclosures.
Posted on: Mon, 16 Jun 2014 04:24:49 +0000