Quote:
Originally Posted by Cynthetiq
I was under the impression that all banks in neighborhoods are required to invest in local businesses via lending. There are banks in poor neighborhoods, agreed that there aren't as many as in richer neighborhoods.
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That was the case until Bush (using an executive order and changing the intent of the law) gutted the Community Reinvestment Act effectively enabling more than 95% of banks that serve minority communities to bypass that requirement to invest (lend) in community businesses.
added:
we know republicans hate the CRA, but before anyone brings up the myth that the CRA was responsible for the housing crisis, most CRA home loans were not subprime loans and were under a much stricter review and approval process.
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"The perfect is the enemy of the good."
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Last edited by dc_dux; 12-02-2008 at 08:40 PM..
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