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Black-owned bank has few urban loans

We note today's article in the Boston Globe: "Black-owned bank has few urban loans: OneUnited sought aid as community 'beacon'." OneUnited Bank got $12 million from the US bank bailout fund.

We take issue with several items in the story. Below, we reproduce sections of the story we have difficulty with and note our reply.

"OneUnited's chief executive, Kevin Cohee, said the bank is helping the community in other ways - by focusing on loans to churches and developers of apartment buildings. He said the bank pulled back on home mortgages because he saw the housing market overheating. He said he didn't want to compete with the many mortgage brokers peddling subprime loans with unrealistic rates and terms, loans that borrowers ultimately would not be able to repay. 'We knew this bubble was developing in residential housing' as early as 2004, Cohee said in an interview. 'If we had participated in inner-city housing lending, . . . we would have …