Did you know that - If it had not been for the "Community Reinvestment Act" of 1977 we wouldn't be in the amidst of this housing catastrophe ?
from Wik. said:
The Community Reinvestment Act is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.
The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community . . .]
more -
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Another cleverly titled
feel good piece of legislation finally coming to a head, yet we still can't get enough govt. in our lives. :helpme:
