During the foundational period of the 1930s and 1940s, these federally backed instruments, especially those created by the GI Bill for veterans, used redlining, local control, and overt discrimination to make it very difficult, often impossible, for blacks to qualify for mortgages. As in the other areas of public policy discussed in this book, the results that can be traced directly to public policy here were profound and long-lasting. Missed chances at homeownership obviously compound over time. Renters accumulate no equity, while homeowners almost always secure financial gains that exceed
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