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The CRA was originally enacted under President Jimmy Carter in 1977.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:
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—Deborah Meier (b. 1931)
“You should try to understand every thing you see and hear; to act and judge for yourselves; to remember you each have a soul of your own to account for; M a mind of your own to improve. When you once get these ideas fixed, and learn to act upon them, no man or set of men, no laws, customs, or combinations of them can seriously oppress you.”
—Jane Grey Swisshelm (1815–1884)