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View Full Version : Dems Push for New Community Reinvestment Act



Troll
09-19-2009, 03:04 PM
http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Dems-push-expanded-Community-Reinvestment-Act-dismiss-evidence-that-CRA-contributed-to-financial-meltdown-Republicans-cite-ACORN-connection-59501737.html


This morning House Financial Services Committee chairman Rep. Barney Frank held a hearing on H.R. 1479, the "Community Reinvestment Modernization Act of 2009." The bill's purpose is "to close the wealth gap in the United States" by increasing "home ownership and small business ownership for low- and moderate-income borrowers and persons of color." It would extend CRA's strict lending requirements to non-bank institutions like credit unions, insurance companies, and mortgage lenders. It would also make CRA more explicitly race-based by requiring CRA standards to be applied to minorities, regardless of income, going beyond earlier requirements that applied solely to low- and moderate-income areas.

Since the first CRA worked out so well for all of us. :rolleyes: More at link.