среда, 14 марта 2012 г.

Lawmakers discuss mortgage co. CRA

When lawmakers debated the Community Re-investment Act in the early `90s, residents of low-income communities were so effectively cut off from good lines of credit borrowers were forced to resort to disreputable lenders with usurious interest rates.

Bankers squawked mightily at the provisions of the CRA, which required that banks give detailed reports on their lending activities in low-income communities and communities of color. The CRA gave the Federal Reserve Bank the power to rate banks' compliance with the law

Banks with a smaller percentage of loans in low-income and minority communities receive low CRA ratings, which gives the Feds the leverage to block mergers and …

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