5. The Community Reinvestment Act’s Responsibility for the Financial Crisis

“…pushing back with facts”—-too late: Faux News has been successfully inoculated against those pesky 'facts'

You're right about that. The CRA has been around for awhile and one of the things it did do was to create bank involvement in low income communities through the CRA officers. In my community actions I worked with several CRA officers.

The problems with loans and foreclosures has a great deal more to do with ARMs and other types of loans that allowed people to only pay interest of to not be prepared for an ARM kicking in a high interest rate and knocking payments up two and three times the original payment amount. A person paying a $800.00 payment suddenly being hit with a $2300.00 payment is devastating to most budgets.

The last time my wife & I decided to re-fi our mortgage (several months before the '08 meltdown) it became abundantly obvious that the (BofA) loan officer was so ambitious about bonuses that she was offering us absurd, baroque products which were entirely inapropriate for our re-fi; we have immaculate credit and are nowhere near being sub-prime candidates but that didn't stop her—we walked out and found a more sensible, mature person to deal with.
Our experience told us all we needed to know about how insane the mortgage market had become in the absence of any regulation, but revisionist history is compulsive and compulsory by the crowd who brought us Phil Gramm and who would LOVE to see this historic scandal blamed, inexplicably, on CRA and evil 'minorities'——utterly disgusting

The work I did with CRA officers was to help low income areas become owner occupied areas again and help to reduce crime through community ownership – as in not only owning their homes but to take back the community through involvement and demanding more accountability- from absentee landlords, from police, from local government and from banks. Promoting home ownership was done through helping folks rebuilt credit, having classes on financing and home ownership, helping people to build a savings plan for a down, and helping them to see what they could afford to do with their income. It was not ever about getting them into places they could not afford to buy or keep up.

We were able to create a gap financing program to help make houses more affordable that did not have to be paid back if the homeowner stayed in the home for at least 10 years. It was never to help people buy more than they could afford except in the gap area. Sometimes the price of even a simple home in a depressed area is more than lower wage folks can afford. There was almost no stock of decent homes in the price range that many hard working folks could get.

The proof that home ownership is stabilizing to a community is without question and so many of the areas that become problems for everyone in a city are because of lack of ownership. When we help people to reclaim a blighted area, we help everyone within the city or community. The CRA helped to insure banks wouldn't turn their backs or “red-line” a community. One of the areas I worked (& lived) in was one that had been red-lined. The only people who could gets loans for properties in that area were the absentee landlords to buy up more properties they didn't take proper care of. Because low wage people have to have a place to live, they could rent out these apartments even when they didn't put money back into them. The local government allowed zoning they wouldn't allow anywhere else in the city- building two 4 plexes so close together you could watch your neighbors TV through your living room windows. When you stack people so close together where no one has any space, you have much more neighbor conflict. They let that happen in so many low income neighborhoods.

The CRA helped us to make changes in communities, helped save lives and run drug dealers out. Without the CRA, we had nothing to hammer over the heads of the banks. They had no problem taking the money of the people but they wouldn't put any back. The majority of the people that we helped to get into homes were able to keep their homes because we never got them into more than they could handle or allowed them into the types of loans that you referenced BoA was trying to sell you on. They attended classes so they understood what the loan differences were and knew better. I am so tired of people blaming everything on low income people and programs that helped them. The blame on ACORN is another bunch of crap. They were not out there helping people to get these crazy kinds of loans, they are for helping people get into what they can afford to do. But the right can lob these lies about because the folks that are most helped by these programs are the ones who are voiceless and can't stand up to defend themselves against the lies of the right. The right has long been an enemy of the poor and they prove it over and over again. And then they wonder why so many vote democrat. And that is precisely why they work so hard to shut down groups like ACORN. They bring to many new voters to the polls and most of them recognize that the right is against them so they vote democrat.

You're right about that. The CRA has been around for awhile and one of the things it did do was to create bank involvement in low income communities through the CRA officers. In my community actions I worked with several CRA officers.

The problems with loans and foreclosures has a great deal more to do with ARMs and other types of loans that allowed people to only pay interest of to not be prepared for an ARM kicking in a high interest rate and knocking payments up two and three times the original payment amount. A person paying a $800.00 payment suddenly being hit with a $2300.00 payment is devastating to most budgets.

The last time my wife & I decided to re-fi our mortgage (several months before the '08 meltdown) it became abundantly obvious that the (BofA) loan officer was so ambitious about bonuses that she was offering us absurd, baroque products which were entirely inapropriate for our re-fi; we have immaculate credit and are nowhere near being sub-prime candidates but that didn't stop her—we walked out and found a more sensible, mature person to deal with.
Our experience told us all we needed to know about how insane the mortgage market had become in the absence of any regulation, but revisionist history is compulsive and compulsory from the crowd who brought us Phil Gramm and who would LOVE to see this historic scandal blamed, inexplicably, on CRA and evil 'minorities'——utterly disgusting

The work I did with CRA officers was to help low income areas become owner occupied areas again and help to reduce crime through community ownership – as in not only owning their homes but to take back the community through involvement and demanding more accountability- from absentee landlords, from police, from local government and from banks. Promoting home ownership was done through helping folks rebuilt credit, having classes on financing and home ownership, helping people to build a savings plan for a down, and helping them to see what they could afford to do with their income. It was not ever about getting them into places they could not afford to buy or keep up.

We were able to create a gap financing program to help make houses more affordable that did not have to be paid back if the homeowner stayed in the home for at least 10 years. It was never to help people buy more than they could afford except in the gap area. Sometimes the price of even a simple home in a depressed area is more than lower wage folks can afford. There was almost no stock of decent homes in the price range that many hard working folks could get.

The proof that home ownership is stabilizing to a community is without question and so many of the areas that become problems for everyone in a city are because of lack of ownership. When we help people to reclaim a blighted area, we help everyone within the city or community. The CRA helped to insure banks wouldn't turn their backs or “red-line” a community. One of the areas I worked (& lived) in was one that had been red-lined. The only people who could gets loans for properties in that area were the absentee landlords to buy up more properties they didn't take proper care of. Because low wage people have to have a place to live, they could rent out these apartments even when they didn't put money back into them. The local government allowed zoning they wouldn't allow anywhere else in the city- building two 4 plexes so close together you could watch your neighbors TV through your living room windows. When you stack people so close together where no one has any space, you have much more neighbor conflict. They let that happen in so many low income neighborhoods.

The CRA helped us to make changes in communities, helped save lives and run drug dealers out. Without the CRA, we had nothing to hammer over the heads of the banks. They had no problem taking the money of the people but they wouldn't put any back. The majority of the people that we helped to get into homes were able to keep their homes because we never got them into more than they could handle or allowed them into the types of loans that you referenced BoA was trying to sell you on. They attended classes so they understood what the loan differences were and knew better. I am so tired of people blaming everything on low income people and programs that helped them. The blame on ACORN is another bunch of crap. They were not out there helping people to get these crazy kinds of loans, they are for helping people get into what they can afford to do. But the right can lob these lies about because the folks that are most helped by these programs are the ones who are voiceless and can't stand up to defend themselves against the lies of the right. The right has long been an enemy of the poor and they prove it over and over again. And then they wonder why so many vote democrat. And that is precisely why they work so hard to shut down groups like ACORN. They bring to many new voters to the polls and most of them recognize that the right is against them so they vote democrat.

[...] is a danger associated with lumping in this particular action with the long-held myth on the right that the economy crashed because Fannie and Freddie used the Community Reinvestment Act to lend to [...]

A person paying a $800.00 payment suddenly being hit with a $2300.00 payment is devastating to most budgets.

inoculated against those pesky 'facts'

obama admitted on CNN that he is indeed muslim. Then he spoke directly to the muslims in arabic. He hates America, is anti-semitic and is a curse on America.

Community Reinvestment Act (CRA) good!!!

I can not agree with you anymore. thank you

I can not agree with you anymore. thank you

on the right were quick to single out the Community Reinvestment Act (CRA) — a Carter-era law aimed at preventing discriminatory housing practices

it had already become conventional wisdom in many quarters that it was not Wall Street greed or years of lax oversight that had caused the financial crisis

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