The Community Reinvestment Act (CRA) is a law which currently covers only some loans.
FACT: Only 6% of subprime mortgage lending consisted of loans covered by the CRA.
FACT: The other 94% of subprime mortgage lending was not covered by the CRA.
FACT: Federal regulators are considering expanding CRA to cover more lenders in the future.
Expanding CRA will help keep borrowers and communities safe from foreclosures and will ensure that lenders provide good, sustainable mortgage loans in all communities – not just wealthy ones. And expanding CRA will help keep the economy safe from another foreclosure-prompted crisis.
How has the economic crisis impacted you? Have you lost your home, your job, your savings, or your home equity? Tell federal regulators your story here – and tell them that if CRA had covered more lenders, the economic crisis would be less severe or could even have been prevented.
Federal regulators are currently trying to figure out how to update and expand CRA. They want to hear from the public – so make sure they give CRA the best make-overpossible by submitting your comment here.
Read more about CRA from our friends at the Woodstock Institute.
Best regards,
Sarah Byrnes
Director, AFFIL
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