‘Redlining’ Causes Rundown Neighborhoods, Not Other Way Around; Lenders Share Blame
The article also discussed the Greenlining Coalition of San Francisco’s plan to criticize American Savings Bank for redlining minority neighborhoods throughout the state. As a member of the Greenlining Coalition, I disagree.
My experience has been that American is a good neighbor and strong supporter of the Hispanic community.
American Savings is undertaking several initiatives to increase lending to minority home buyers. It has new offices and loan centers in East Los Angeles and South-Central Los Angeles, two neighborhoods neglected by other financial institutions, which reduces competition and makes home ownership more difficult.
In addition, American is in partnership with us to develop a “small-business incubator” to encourage minority-owned businesses to share their services as a way of reducing costs.
I respect the concern expressed by my colleagues in the coalition. But I do not agree that American should be singled out for unjust criticism. Our experience with American has been positive and productive.
HAROLD MARTINEZ
The writer is president of the Latin Business Assn. in Los Angeles.
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