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The CRA was originally enacted under President Jimmy Carter in 1977.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:
“Human life in common is only made possible when a majority comes together which is stronger than any separate individual and which remains united against all separate individuals. The power of this community is then set up as “right” in opposition to the power of the individual, which is condemned as “brute force.””
—Sigmund Freud (1856–1939)
“It matters not how a man dies, but how he lives. The act of dying is not of importance, it lasts so short a time.”
—Samuel Johnson (1709–1784)