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Community Reinvestment Act Advocacy

Date: Dec 31, 2011
Author(s): Bradford Reid
Topic(s): Housing / Neighborhoods: Lending
Type: Report

The Community Reinvestment Act obligates federally insured depository institutions to meet the credit needs of low and moderate income communities in a manner that is commensurate with sound lending practices.  

The CRA itself is fairly successful, but with the rise of non-bank lenders and subprime loan products, it has become apparent that the CRA needs to be revised to include regulations that govern independent mortgage lenders. This will make it easier to track and object to predatory lending practices in low and moderate income neighborhoods.