Black-owned Boston bank has few urban loans

The Boston Globe reports:

Calling itself and other minority-owned banks a "rare beacon of hope" in their neighborhoods, OneUnited Bank of Boston last fall made an emotional plea to the US Treasury for help with millions of dollars in soured investments.

Without assistance, bank officials said, OneUnited and other institutions might fail. The money did not come right away. But with the aid of US Representatives Barney Frank and Maxine Waters, OneUnited secured meetings with the Treasury, and by December received $12 million from the government's bank bailout fund.

It was the latest sign that the nation's largest black bank still holds sway with powerful politicians, despite a shrinking profile in Boston and financial troubles that brought a sharp rebuke by regulators. The bank has retreated from traditional urban lending, and in recent years has made few home loans in its Boston community, parts of which have been ravaged by subprime mortgages.

Among the handful of home loans OneUnited has made in the past few years were several to wealthy businessmen for upscale properties in the South End, Brookline, and even on Martha's Vineyard.

Great moments in TARP! No word yet from Jesse Jackson,Al Sharton,or Eric Holder on this one.