An ambitious plan to update the Carter-era Community Reinvestment Act that supporters hope to see signed into law in 2010 comes amid charges that this legislation was responsible for nothing less than the subprime crisis and the resulting collapse of the residential real estate market.
The plan, sponsored by More…
This time in Memphis. In fact, city officials are so fired up that they’ve filed a lawsuit charging the mortgage-loan giant with discrimination. The New York Times reports:
The lawsuit, filed in federal court in Tennessee, marshaled a raft of statistics to argue that Wells Fargo offered one
Just a year ago, the theory that poor and minority borrowers were to blame for the housing crisis took hold with a vengeance, and so did the belief that the government forced lenders to make subprime mortgages to meet affordable housing goals. The view took on greater More…
Worth noting from yesterday’s House Judicial subcommittee hearing on the foreclosure crisis: Republicans just can’t shake the temptation to blame the Community Reinvestment Act for causing the current economic turmoil.
You’ve heard the critics’ argument before: The CRA hasn’t so much empowered low-income borrowers as it has More…
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