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Bank Closings Tilt Toward Poor Areas

By Implode-Explode Heavy Industries

"In 2010, for the first time in 15 years, more bank branches closed than opened across the United States. An analysis of government data shows, however, that even as banks shut branches in poorer areas, they continued to expand in wealthier ones, despite decades of government regulations requiring financial institutions to meet the credit needs of poor and middle-class neighborhoods."

Full post as published by Mortgage Lender Implode-o-Meter on February 23, 2011 (boomark / email).