CBS Evening News for Tuesday, May 06, 1975
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(Studio) Senator Banking Committee holds hearings on bill to require banks and savings and loan insts. to disclose how and where they lend their money. Practice of "red lining" and "urban disinvestment" under investigation; terms explained.
REPORTER: Roger Mudd
(Chicago, Illinois) Predominantly black neighborhood on Chicago's far west side beginning to deteriorate. According to community leaders, banks won't loan money to persons in this "high risk" area. [People's Action on Hsing., Gale CINCOTTA - believes banks' refusal to loan money on west side is actually taking money out of community and allowing it to die. Banks actually cause deaths of communities by disinvesting.] [Gloria PEREZ - says banks refused to loan her and husband money to buy home in area where property values dropping.] Bruce and Julian Samuels had similar problem. [Bruce SAMUELS - thinks banks refuse to loan money in integrated area because they don't think area will remain economically solvent.] [Julian SAMUELS - thinks she and Bruce wouldn't have had as much trouble buying home in area if they were black.] [Banker Roland BARSTOW - admits his bank makes no loans in slums; admits to red lining in certain areas.] [Federal Home Loan Bank Robert BARTELL - says he's been unable to find clear-cut case of "red lining" in Chicago.] Red lining difficult if not impossible to prove.
REPORTER: Chris Kelley
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