Summers to GOP: Stimulus is working Oct 13, 2009
With their job killing regulations, minimum wage increases, proposed new taxation, failed energy policies, and global warming nonsense that killed our consumer economy, the far left wing lead by Nancy Pelosi, Harry Reid, and Barack Obama, burst the financial bubble that they created with the Community Reinvestment Act that forced banks to make bad loans, that were then reinsured with the Democratic re-election slush funds also known as Fannie Mae and Freddie Mac using our credit card with the... (TheHill.com)
Credit unions get win in court, banks cry foul Oct 10, 2009
They do not pay income tax and are not subject to the Community Reinvestment Act, Bromley said. It doesn t seem like a level playing field. (Philadelphia Business Journal, PA)
Fannie Mae, Freddie Mac, Now FHA Oct 9, 2009
It started in 1977, with the passage of the Community Reinvestment Act, a law that was bulked up in 1995 under President Clinton to increase minority homeownership a laudable goal that misfired ... Contact your Representative and Senators and demand they repeal the Community Reinvestment Act. (Investors Business Daily)
Midwest BankCentre lending under fire Oct 6, 2009
We appreciate the alliance s concerns, but we strongly disagree with the assertions made about our performance under the Community Reinvestment Act and our bank s lending practices, MBC Chairman Ronald Barnes said in a statement. It has been and continues to be our policy to comply fully with the Community Reinvestment Act, the Equal Credit Opportunity Act and the Fair Housing Act. (St. Louis Business Journal, MO)
Does Michael Moore Know What Capitalism Is? Oct 6, 2009
But according to Moore's own film, it was Fed chairman Alan Greenspan who urged homeowners to "Tap into your home equity" as a way of stimulating the economy, and it was Clinton era lawmakers who passed the Community Reinvestment Act requiring banks to grant mortgages to low-income homebuyers. Don't blame capitalism for government policy. (Human Events Online)
Financial Bust Connected to Illegal Alien Mortgages Oct 5, 2009
Low interest rates by the Federal Reserve, lowered standards by FannieMae and FreddyMac, securitized mortgages (derivatives and collateralized debt obligations -- a real alchemic brew), the machinations of Barney Frank and Chris Dodd, the Community Reinvestment Act, Alan Greenspan, and so forth. etc. (Human Events Online)
The truth about ACORN Oct 5, 2009
ACORN was a key player in the housing and banking crash of 2008; using the CRA (Community Reinvestment Act) as their traction, and Barney Frank as their protagonist, ACORN campaigned against banks to force them to issue high-risk loans to low-income people. And now the latest that has made the news; ACORN advises and plots with pimps and hookers on how to organize brothels comprised of under-age illegal immigrants with our tax dollars. (Casper Star-Tribune, WY)
Named and shamed Oct 3, 2009
Ritholtz also absolves two of the rightwing fringe's favorite targets, the Community Reinvestment Act (CRA) of 1977 and government-sponsored mortgage packagers Fannie Mae and Freddie Mac. The toothless CRA never compelled any bank to make any loan, let alone a bad loan. (Asia Times Online)
Too much of a good thing ... Oct 1, 2009
One of the means adopted during the Clinton administration to this end was to use the Community Reinvestment Act to require banks and other mortgage lenders to be ''innovative and flexible'' in helping households ''that lack cash to buy a home or make the payments'' - that is, to loosen their lending requirements. Another was to add an ''affordable housing'' mission to the charters of the government-sponsored mortgage agencies, Fannie Mae and Freddie Mac, which were required by 2007 to show that... (Sydney Morning Herald -- Business)
Cambridge Savings Foundation gives $$ to Cambridge Community TV Oct 1, 2009
The Foundation's objective is to provide grants to local non-profit organizations to benefit the people who live or work in Cambridge Savings Bank's Community Reinvestment Act (CRA) communities - Acton, Arlington, Bedford, Belmont, Brookline, Burlington, Cambridge, Concord, Lexington, Lincoln, Medford, Newton, Somerville, Waltham, Watertown, Winchester and Woburn. Cambridge Savings Bank is a full-service financial institution with $2. (Cambridge Chronicle, MA)
Reform Conservatism or Deformed Conservatism? Sep 30, 2009
While most conservative criticisms of the Community Reinvestment Act s role in the housing bubble have, with some justice, focused on Bill Clinton, Bush also preferred diversity to creditworthiness. As Steve Sailer has reported, the biggest flood of CRA assurances came during the presidency of George W. Bush, who repeatedly called in 2002-2004 for 5. (The American Conservative)
HSBC bids farewell to dollar supremacy... Sep 25, 2009
1) Barack Obama and ACORN putting pressure on government to force lenders to extend home mortgages to sub prime borrowers, pushing charges against banks in the 1980s that their home lending practices amounted to "red-lining," in violation of the 1977 Community Reinvestment Act, according to a report published by Stan Liebowitz in the New York Post. 2) Bill Clinton revising the 1995 Community Reinvestment Act to accommodate ACORN;s demands ... In 1995 at the request of ACORN the Clinton... (The Drudge Report)
Intrust Bank passes federal lending exam Sep 23, 2009
scored a satisfactory grade from the on its Community Reinvestment Act evaluation. The CRA, enacted in 1977, was designed to ensure banks are meeting the lending needs of the communities where they operate, including in low- to moderate-income neighborhoods. (Wichita Business Journal, KS)
ACORN's Illegal Alien Home Loan Racket Sep 18, 2009
These professional grievance-mongers have turned the 1977 Community Reinvestment Act -- which forced lenders to sacrifice underwriting standards for "diversity" -- into lucrative "business" opportunities. Or rather, politically correct blackmail. (Townhall.com)
Waters: Probe 'birthers and the teabaggers' at rallies for racist views Sep 17, 2009
Remember that Jimmy Carter was the President who started Community Reinvestment Act which is one of the main things that led to the subprime mortgage crisis. Remember that Maxine Waters wanted to take over oil companies and let the gov't run them. (TheHill.com)
Jimmy Carter and the Elvis Factor Sep 17, 2009
Nor is he content with having signed into law the Community Reinvestment Act -- strengthened by President Bill Clinton -- which played a major roll in the eventual housing market meltdown. Nor is he content with having cut the legs from under the Shah of Iran, which led to the establishment of the Islamic theocracy in Iran -- a state that pursues a nuclear weapon, funds the terror groups Hamas and Hezbollah, and continues to undermine the fledgling democracy of Iraq. (Townhall.com)
Feds give Keybank high marks Sep 16, 2009
The Office of the Comptroller of the Currency gave the bank, which operates 42 branches in Western New York, an outstanding rating for its commitment to the Community Reinvestment Act, a federal law enacted in 1977 that discourages discriminatory credit practices by commercial banks and savings institutions. An outstanding rating is the highest level of recognition by the OCC, which reviews factors such as mortgages, retail and small-business banking and community development lending,... (Buffalo Business First, NY)
Acorn's Cash For Hookers Sep 16, 2009
It was Acorn, under the cover of the Community Reinvestment Act (CRA), that intimidated banks through mob action into making risky loans in the name of "fairness" to people who could not afford them. Page. (Investors Business Daily)
Can Mark Pop A Surprise? Sep 15, 2009
Let s hope his moves work better than the Community Reinvestment Act of 1979 ooops, there I go again. Sorry Rawhide, I ll knock it off before Trixie slaps my wrists with a ruler. (Atlanta Journal-Constitution -- Sports)
Subprime Commission Sep 12, 2009
eIBD Investor's Business Daily Digital Edition. Access recent eIBD issues easily. (Investors Business Daily)
Clunkers program causing fines Sep 9, 2009
thnkr wrote on Sep 8, 2009 11:55 AM:" I think you're exactly right. This whole program sounds like Fannie/Freddie and the community reinvestment act. Wait for the auto bubble to pop. Another example of misguided politicians interfering with the free market to advance their agenda. Back then it was minority homeownership and big time campaign help, now it's pushing their 'green' agenda and bailing out the UAW. Will they ever learn? I can see it now...' We've developed a comprehensive program to... (Jefferson City News Tribune, MO)
Business people Sep 6, 2009
She has served as Wells Fargo's Alaska community development manager and Community Reinvestment Act officer since 2002. She began her career as a teller in Fairbanks and has served as an operations manager, merger and acquisition project manager and Russian business development specialist. (Anchorage Daily News)
A question for Sierra Vista conservatives Sep 4, 2009
Interesting wrote on Sep 3, 2009 4:24 PM:" To Correction and unnamed person,Sorry, you are both wrong. The Community Reinvestment Act was NOT responsibe for the sub-prime mortgage disaster, that as I said it was caused solely by the deregulation of the financial sector by conservatives beginning with Reagan. The only role Clinton played is he went along with the deregulation. Check the history of economic downturns going back to George Washington and you will see I am correct. Yes, I am a... (Sierra Vista Herald, AZ)
How many oil speculators do we need? Aug 29, 2009
" And yes, OCM has received funding from DuPont.But no matter what Monsanto would like to think, its legions of critics are not all on the payroll of DuPont. For one thing, from the standpoint of the safety of genetically modified organisms, something which antitrust enforcement would have little to no bearing on directly, both DuPont and Monsanto are viewed with equal suspicion by activists.Indirectly, however, the implications of antitrust enforcement could be immense. The long-term health... (Salon)
Will the recession kill King Coal? Aug 28, 2009
The Community Reinvestment Act. -- tend to miss the gloriously messy complexity of truth. (Salon)
Stanley Lowe, a fighter from Manchester Aug 23, 2009
" But he came back after college. In the early 1970s, with help from the Pittsburgh History and Landmarks Foundation, he and the Manchester Citizens Corp. convinced the city to get federal funds for demolition converted to block grants so MCC could act on a strategy: to repair properties, clear liens and market homes for $1,000. Fifty houses were sold in three days. Manchester had achieved both federal and city historic status by 1979. Under his leadership, MCC closed a dozen or more nuisance... (Pittsburgh Post-Gazette, PA)
Obama Battles to Fix Dem Health Care Feud Aug 20, 2009
Medicaid Medicare Social Security Fannie Mae/Freddie Mac The Community Reinvestment Act American Recovery and Reinvestment Act of 2009 TARP Bill. We don't want any more federal intervention whatsoever in America. (CBS News -- Politics)
AP IMPACT: Banks added 10,000 branches in boom Aug 17, 2009
Under the Community Reinvestment Act, banks are encouraged to offer services in poor and minority neighborhoods. The vast majority of banks receive outstanding or satisfactory grades from regulators. (Anchorage Daily News)
Notice change in housing market? Aug 13, 2009
What we have recently seen is an abundance of predatory borrowers that falsified information and shopped for mortgages until someone gave them what they wanted - all part of the lovely Community reinvestment Act that got us here to begin with. Most these folks that have gotten in over their heads are going to able to get loans in the future, but they are going to be considered VERY high risk borrowers and these so called predatory lenders are going to be the only place to turn and give you that... (Atlanta Journal-Constitution -- Business)
Credit still at the wheel Aug 12, 2009
The presence of the mortgage brokers as the foreclosing party puts paid the conservative argument that it was the 1977 passage of the US Community Reinvestment Act (CRA) that lit the slow, the very slow, fuse that blew the financial world apart two years ago. CRA requirements did not apply to mortgage brokers; they applied only to large, chartered banks. (Asia Times Online)
High-profile Sisters find quiet place in the universe on tiny Waring Farm (1) Aug 6, 2009
In 2001, Coston stood with a cadre of other honorees including Hank Aaron, Ruby Bridges, Muhammad Ali and Elizabeth Taylor as President Bill Clinton shook her hand, thanking the nun for her work with the poor, her national-level lobbying on behalf of social progress, her role in the nation's Community Reinvestment Act and her founding work in Partners for the Common Good, an alternative, multi-billion dollar investment fund focused toward inner city needs. First take reveals Coston as the older... (Boerne Star, TX)
'It's a Wonderful...' Public Comes to Aid of Mutual Aug 4, 2009
Vagt said he and others are working hard to overcome those issues, saying the survival of the 119-year-old thrift is important because it was a "safe haven" for minorities seeking mortgages decades before the Community Reinvestment Act came along. "This is an iconic African-American institution in this city," he said. (American Banker)
Legacy Bank honored by Black Enterprise magazine Jul 29, 2009
We re growing because we know our market, and with our years of banking experience, we can determine which clients we believe will grow their personal or business wealth, and which are good risks, said Henningsen, Legacy s executive vice president and Community Reinvestment Act officer. Reader Comments. (Milwaukee Business Journal, WI)
Readers Write 7/20 Jul 21, 2009
The Community Reinvestment Act determined that, to its detriment. The more things change, the more they stay the same. (Atlanta Journal-Constitution -- Opinion)
He seems to want the country to fail Jul 18, 2009
James wrote on Jul 17, 2009 6:50 AM:" Sorry, you need to learn some history, Eric Thompson.The current meltdown is not just Bush's fault. It can be traced back at least 30, maybe 40 years. We've had bad policy regarding housing since Carter signed the Community Reinvestment Act, which began "housing for everyone. " Since the late 70's, requirements for a mortgage have become less and less stringent.Reagan, for all the good he did fixing the 70's recession, borrowed and spent way too much during... (Bismarck Tribune, ND)
Voice of the people | Jul 9, 2009
The Community Reinvestment Act has helped some less fortunate families get a home they can call their own, but mix in predatory lending and subprime mortgages, the system crashes. Banks fail, corporations fail, and even governments can fail. (Herald Online, SC -- Opinion)
Visalia bank joins federal loan program Jul 9, 2009
Joseph Tung, ASE Inc's CFO said "In the past 25 years, ASE Inc. has made New FDIC Report Shows Rate-Limited Short-Term Loans Are Unprofitable and Unsustainable The FDIC's latest report on its Small-Dollar Loan Pilot Program sheds new light supporting the short-term payday loan industry financial model for those needing short-term financing. Most of the banks that participated in the FDIC pilot program admit that their goal is not to earn profits, but is instead to "generate goodwill" within... (Fresno Bee)
Bill aimed at 'payday loans' not strong enough Jul 8, 2009
Most of the banks that participated in the FDIC pilot program admit that their goal is not to earn profits, but is instead to "generate goodwill" within their respective communities and to qualify for government Community Reinvestment Act credit. Further, the 446 participating bank branches made a mere 8,346 loans over the course of a year, an average of one loan per branch every 20 days. (Fresno Bee)
Dan Bartlett: Palin Missed the Mark Jul 7, 2009
" Very good point. I suppose our current Affirmative Action Poster Boy President is qualified. His grades apparently were Dan Quayle like yet he got into Harvard Law School based on Diversity. Hillary was far more accomplished and brighter than him and yet you threw her under a bus because you feel even better if you help out a black guy. What hypocrites you liberals are basing your votes on someones color of their skin. Obama was nowhere near qualified to be President yet people didn't just... (CBS News)
Cambridge Family and Childrens Service receives grant from Cambridge Savings Foundation Jul 2, 2009
The foundation s objective is to provide grants to local nonprofit organizations to benefit the people who live or work in Cambridge Savings Bank s Community Reinvestment Act (CRA) communities Acton, Arlington, Bedford, Belmont, Brookline, Burlington, Cambridge, Concord, Lexington, Lincoln, Medford, Newton, Somerville, Waltham, Watertown, Winchester and Woburn. Cambridge Savings Bank is a full-service financial institution with $2. (Cambridge Chronicle, MA)
The Price Of Media Malpractice Jul 1, 2009
One of America's best economists and thinkers, Sowell in 148 pages chronicles this economic catastrophe from the passage in 1977 of the Community Reinvestment Act, which directed regulators to encourage financial institutions to "meet the credit needs of the local communities.". Page. (Investors Business Daily)
Reforms fail reality check Jun 20, 2009
For example, the Community Reinvestment Act. Enhancements in the 1990s to that reform legislation of the 1970s led directly to Freddie Mac and Fannie Mae flooding the subprime market with more money than there were legitimate borrowers. (Atlanta Journal-Constitution -- Business)
Bush-Whacked Jun 19, 2009
He noted that his administration tried to rectify changes Democrats made to the Community Reinvestment Act and to Fannie Mae and Freddie Mac. Bush has been blamed by the current administration for the housing bubble collapse. (Investors Business Daily)
Obama Financial Proposal Contains Sub-Prime Loan Shocker Jun 19, 2009
The Obama administration s latest financial regulatory reform proposal contains a stunning surprise hidden on page 67: Rigorous application of the Community Reinvestment Act should be a core function of the CFPA.. The Community Reinvestment Act, or CRA, should be a core function of the CFPA or the Consumer Financial Protection Agency ... Jeb Hensarling (R-Texas), the lone member of Congress on the Congressional Oversight Panel for the TARP program, pointed out in dissent to the January Special... (Human Events Online)
What's missing from Obama's financial reforms Jun 18, 2009
And they need to look at how the 1977 Community Reinvestment Act became a vehicle for easy home lending in the 1990s. Most of all, Congress must reduce or eliminate the income tax preferences, such as mortgage-interest deductions and special treatment for capital gains on home sales. (Christian Science Monitor)
Obama unveils plan to reform finance rules Jun 17, 2009
The agency would have a mandate to increase the availability of financial products in lower-income and underserved communities, in part by enforcing the Community Reinvestment Act, which requires banks to make loans everywhere that they collect deposits. To carry out these responsibilities, the agency could conduct inspections of firms, putting it on an equal footing with regulators charged with ensuring the health of these companies. (AZCentral -- News)
Notable community advocate group to pay $550K to settle Fed claim Jun 4, 2009
The group, founded by the late legendary grass-roots activist Gale Cincotta, was instrumental in the creation of the Community Reinvestment Act (1977), which required banks to lend in disadvantaged neighborhoods. It still lobbies on behalf of those areas, but also promotes and supports the creation of grass-roots organizations throughout the country. (Crain's Chicago Business)
Bill Clinton's Classy Moment Jun 1, 2009
Clinton rightly rejects as "just a totally off-the-wall crazy argument" that the Community Reinvestment Act, to which significant legislative and regulatory changes were made on his watch, is responsible for creating abuses in the subprime lending market. (For details about why Clinton is right, see "" by Slate's Daniel Gross and "" by Phillip Longman in the November/December 2008 Washington Monthly. (Slate)
The One Thing May 29, 2009
Meanwhile, the Center of Community Change has several union members on its board and lists on its Web site that it helped establish the Community Reinvestment Act. That, as you'll remember, caused the financial mess we're in right now. (Fox News)
Central Pacific receives high ratings May 28, 2009
The FDIC s assessment stems from its Community Reinvestment Act performance evaluation measuring a bank s support of its community in investment, service and lending. The CRA evaluation showed Central Pacific had an excellent record of serving economically disadvantaged areas, low-income people and very small businesses. (Pacific Business News, HI)
ID tag targets counterfeit goods May 28, 2009
The rating was issued by the Federal Deposit Insurance Corp. as part of a performance evaluation under the Community Reinvestment Act. "Just as our founding fathers envisioned, Central Pacific continues to be the bank that works for you and our communities," said Ronald Migita, Chairman, president and chief executive officer of Central Pacific Bank. (Honolulu Advertiser)
The Housing Boom and Bust May 28, 2009
The Community Reinvestment Act of 1977, later given teeth during the Bush and Clinton administrations, forced financial institutions to make risky mortgage loans they otherwise would not have made. President Clinton's Attorney General Janet Reno threatened legal action against lenders whose racial statistics raised her suspicions. (Townhall.com)
To the rescue once more May 27, 2009
This is exactly what happened with mortgage lending, resulting in the 1977 passage of the Community Reinvestment Act, whose role in the current housing crisis is evidently something polite people don t want to discuss. The notion that none of this legislation will have any effect on responsible borrowers is bogus. (Weymouth News, MA)
CPB gets top rating for community lending May 27, 2009
The rating was issued by the Federal Deposit Insurance Corp. as part of a performance evaluation under the Community Reinvestment Act. "Just as our founding father's envisioned, Central Pacific continues to be the bank that works for you and our communities," said Ronald K. Migita, chairman, president and chief executive officer of Central Pacific Bank. (Honolulu Advertiser)
Spring Reading for Conservatives May 21, 2009
While liberals blame deregulation for the meltdown and many on the right point to government meddling in the housing market, Woods shows that government (mis)management of the economy goes much deeper than the Community Reinvestment Act and legislators encouraging their buddies at Fannie Mae and Freddie Mac to reap fat profits while the public bore all the risks. Meltdown explores the little-understood but crucial role of the Federal Reserve Bank in this financial crisis -- and in the... (Human Events Online)
The Left Still Relies on Lies May 20, 2009
And we must never forget Barney s legendary role in one of America s greatest pieces of regulation: the Community Reinvestment Act. In one CNBC interview in 2008, for example, he said that the Community Reinvestment Act was not hurting the economy: That Act was passed in 1977 ... In fact, if you look at the entities that are covered by the Community Reinvestment Act. (Human Events Online)
Xanax Nation Beats a Panicked Nation Any Day May 15, 2009
Government diktats, starting with the Community Reinvestment Act of 1977, pressured banks to lend to less-creditworthy borrowers in minority neighborhoods. Fannie Mae and Freddie Mac made affordable housing their mission. (Bloomberg -- Columnists)
Letters to the editor (5/13/09) May 13, 2009
I can't imagine you haven't heard of the Federal Reserve, FDIC, SEC, Fannie Mae, Freddie Mac, the Community Reinvestment Act, the Community Development and Regulatory Improvement Act, the American Dream Down Payment Act, HUD, or the FHA. These all distort the market. (Anchorage Daily News)
M&T receives top Fed honor May 12, 2009
has received an Outstanding Community Reinvestment Act rating from the. The CRA rating, which is the Fed s highest, represents how well the bank meets the credit needs of communities it serves. (Albany Business Review, NY)
AIG's Fall: Bad Business Or Criminal Acts? Apr 28, 2009
THE COMMUNITY REINVESTMENT ACT ... But the Community Reinvestment Act (CRA) has nothing to do with their fraudfest. (CBS News)
Thinking out loud: Loaning money to people who cant afford mortgages Apr 28, 2009
I have always been an opponent of the Community Reinvestment Act passed by Congress several years ago ... Apparently, while other bigger banks were required to use the Community Reinvestment Act by lending money in minority communities, OneUnitedBank didn t do likewise ... Is it time for Congress to take a second look at the Community Reinvestment Act to see what role it played in today s mortgage crisis where people are now being foreclosed in record numbers. (Rsolindale Parkway Transcript, MA)
WHAT HE SAID: Read the speech Apr 18, 2009
One particularly important example was the Community Reinvestment Act of 1977 (CRA), which induced lenders to find ways to extend credit and provide services in low- and moderate-income neighborhoods ... See also Elizabeth Laderman and Carolina Reid (2009), "," in Revisiting the CRA: Perspectives on the Future of the Community Reinvestment Act, pp. (USA Today -- Money)
Probe Yourselves Apr 17, 2009
"Government policies, especially the Community Reinvestment Act, and the affordable housing mission that Fannie Mae and Freddie Mac were charged with fulfilling, are to blame for the financial crisis," wrote economist Peter Wallison, a fellow at the American Enterprise Institute, recently. "Regulators also deserve blame for lowering lending standards that then contributed to riskier homeownership and the housing bubble." Exactly correct. (Investors Business Daily)
AUDIO: TEXAS GOV. SAYS STATE CAN LEAVE THE UNION IF IT WANTS... Apr 16, 2009
Texas Politics: Perry says Texas can leave the union if it wants to. Blogging politics, elections and the Capitol with the Austin bureau. (The Drudge Report)
Hundreds rally in downtown Bloomington at 'Tax Day Tea Party' Apr 16, 2009
Woody wrote on Apr 15, 2009 9:39 PM:" patriot5 wrote: ...you must have alot of time on your hands.Yeah. I'm semi-retired.patriot5 wrote: ... started with all the bs lending practices forced on banks ...Sorry, but that is a myth. Even Bernanke, a conservative Republican, has said so. The program you are referring to is the Community Reinvestment Act. It was actually profitable and banks that were NOT involved in CRA loans looked for ways to get into that market without the government regulations... (The Pantagraph newspaper)
