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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
“The implication that federal employees writ large are not working in-person is simply not backed up by data and reality,” Everett Kelley, national president for the American Federation of ...
According to several economists, Community Reinvestment Act loans outperformed other "subprime" mortgages, and GSE mortgages performed better than private label securitizations. [ 21 ] [ 54 ] Nonetheless, economists at the National Bureau of Economic Research concluded that banks undergoing CRA-related regulatory exams took additional mortgage ...
One study, by a legal firm which counsels financial services entities on Community Reinvestment Act compliance, found that CRA-covered institutions were less likely to make subprime loans (only 20–25% of all subprime loans), and when they did the interest rates were lower. The banks were half as likely to resell the loans to other parties. [114]
Gale Cincotta (December 28, 1929 – August 15, 2001), a community activist from the Austin neighborhood of Chicago, led the national fight for the US federal Home Mortgage Disclosure Act (HMDA) of 1975 and the Community Reinvestment Act (CRA) of 1977. [1]
Aug. 20—When the state Children, Youth and Families Department cannot find a home to place children in its custody, those kids often sleep in the agency's offices. In June, that happened 35 ...
New Community Reinvestment Act regulations break down home-loan data by neighborhood, income, and race; encourage community groups to complain to banks and regulators by allowing community groups that marketed loans to collect a brokers fee; [23] Fannie Mae allowed to receive affordable housing credit for buying subprime securities. [21]
Executive Order 12148 was an executive order enacted by President Jimmy Carter on July 20, 1979, to transfer and reassign duties to the newly formed agency, known as the Federal Emergency Management Agency (FEMA), created by Executive Order 12127.