The Community Reinvestment Act PDF Download
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Author: Roland E. Brandel
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 670
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Book Description
Author: Roland E. Brandel
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 670
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Book Description
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 1010
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Book Description
Author: Dan Immergluck
Publisher: Routledge
ISBN: 131549812X
Category : Business & Economics
Languages : en
Pages : 329
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Book Description
This book provides the most comprehensive examination of community reinvestment and fair lending problems and policies currently available. It outlines the history of lending discrimination and redlining in U.S. mortgage and small business lending markets, and documents the persistence of such problems today. The author explains the role that government has played in developing banking and credit markets in the United States, from the creation of Alexander Hamilton's First Bank of the United States to the ongoing support government provides through the subsidization of secondary markets and through maintenance of critical regulatory infrastructure. Immergluck takes issue with those calling for deregulation of financial services - especially in the arena of fair lending and consumer protection - and gives new voice to rationales for social contract policies such as the Community Reinvestment Act. He provides new long-term analysis of the failure of federal bank regulators to enforce the CRA, and also shows how increased community activism and media attention have led to sporadic periods of stronger CRA enforcement. Finally, he recommends a number of policy changes that are needed to modernize the nation's fair lending and community reinvestment laws and make them more relevant for the 21st century.
Author: United States
Publisher:
ISBN:
Category : Community development
Languages : en
Pages : 136
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Community development
Languages : en
Pages : 116
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Book Description
Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 328
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Book Description
Author:
Publisher:
ISBN: 9780615681528
Category : Community development
Languages : en
Pages : 419
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Book Description
"'Investing in What Works for America's Communities' is a new book that calls on leaders from the public, private, and nonprofit sectors to build on what we know is working to move the needle on poverty. The book's impressive list of authors represents a broad range of sectors including federal agencies, philanthropy, housing academia, health, and the private sector. This collection of essays provides dozens of innovative ideas that can bring new opportunities to America's struggling communities. It calls on leaders, from the public, private, and nonprofit sectors to recognize that they can work smarter and achieve more by working together."--Book website.
Author: Raymond H. Brescia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Since its passage in 1977, the Community Reinvestment Act (CRA) has charged federal bank regulators with "encourag[ing]" certain financial institutions "to help meet the credit needs of the local communities in which they are chartered consistent with...safe and sound” banking practices. Even before the CRA became law -- and ever since -- it has become a flashpoint. Depending on your perspective, this simple and somewhat soft directive has led some to charge that it imposes unfair burdens on financial institutions and helped to fuel the subprime mortgage crisis of 2007 and the financial crisis that followed. According to this argument, the CRA forced banks to make risky loans to less-than creditworthy borrowers. Others defend the CRA, arguing that it had little to do with the riskiest subprime lending at the heart of the crisis.Research into the relationship between the mortgage crisis and the CRA generally vindicates those in the camp that believe the CRA had little to do with the risky lending that fueled these crises. At the same time, a recent study by researchers affiliated with the National Bureau of Economic Research attempts to show that the CRA led to riskier lending, particularly in the period 2004-2006, when the mortgage market was particularly overheated.This paper reviews this and other existing research on the subject of the impact of the CRA on subprime lending to assess the role the CRA played in the mortgage crisis of 2007 and the financial crisis that followed. This paper also takes the analysis a step further, asking what role the CRA played in failing to prevent these crises, particularly their impact on low- and moderate-income communities: i.e., the very communities the law was designed to protect. Based on a review of the best existing evidence, the initial verdict of not guilty -- that the CRA did not cause the financial crisis, as some argue -- still holds up on appeal. At the same time, as more fully described in this piece, an appreciation for the weaknesses inherent in the law's structure, when combined with an understanding of the manner in which it was enforced by regulators, lead one to a different conclusion; although the CRA did not cause the crisis, it failed to prevent the very harms it was designed to prevent from befalling the very communities it is supposed to protect.The defects in the CRA that emerge from this review, in total, suggest not that the CRA was too strong, but, rather, too weak. They also point to important reforms that should be put in place to strengthen and fine-tune the CRA to ensure that it can meet its important goal: ensuring that financial institutions meet the needs of low- and moderate-income communities, communities for which access to capital and banking services on fair terms is a necessary condition for economic development, let alone economic survival. Such reforms could include expanding the scope of the CRA to cover more financial institutions, creating a private right of action that would grant private and public litigants an opportunity to enforce the law through the courts, and having regulators enforce the CRA in such a way that would put more pressure on banks to modify more underwater mortgages.
Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight, Investigations, and the Resolution of Failed Financial Institutions
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
