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The CRA was originally enacted under President Jimmy Carter in 1977.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:
“I don’t think Dr. King helped racial harmony, I think he helped racial justice. What I profess to do is help the oppressed and if I cause a load of discomfort in the white community and the black community, that in my opinion means I’m being effective, because I’m not trying to make them comfortable. The job of an activist is to make people tense and cause social change.”
—Al, Reverend Sharpton (b. 1954)
“Awareness has changed so that every act for children, every piece of legislation recognizes that children are part of families and that it is within families that children grow and thrive—or don’t.”
—Bernice Weissbourd (20th century)