Community Reinvestment Act
The CRA was originally enacted under President Jimmy Carter in 1977. The Act was set in place to encourage banks to halt the practice of lending discrimination. There is debate among economists regarding the effect of the CRA, with detractors claiming it encourages lending to uncreditworthy consumers and defenders claiming a thirty-year history of lending without increased risk.
Read more about this topic: Government Policies And The Subprime Mortgage Crisis
Famous quotes containing the words community and/or act:
“Justice begins with the recognition of the necessity of sharing. The oldest law is that which regulates it, and this is still the most important law today and, as such, has remained the basic concern of all movements which have at heart the community of human activities and of human existence in general.”
—Elias Canetti (b. 1905)
“Buttons: Clowns are funny people, Holly. They only love once.
Holly: All men aren’t like that, even if they act like clowns.”
—Fredric M. Frank (1911–1977)