The Community Reinvestment Act (CRA, Pub.L. 95–128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 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. Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.
http://teapartymainstreet.blogspot.com/ Who is responsible for this mortgage/financial train wreck in 2008? In 1977, Former President Jimmy Carter created the Community Reinvestment Act (CRA), In 1992, the regulator of Fannie Mae was critically weakened by the actions of Congressional Representative Barney Frank, In 1995, President Clinton's administration revised Community Reinvestment Act (CRA) regulation. Barrack Obama Is Just Carrying On The Destructive Ambitions .