How does the Community Reinvestment Act Force banks to make High-Risk Loans?Please explain because in the "Community Reinvestment Act" it clearly states "That an institution's CRA activities should be undertaken in a safe and sound manner, and does not require institutions to make high-risk loans that may bring losses to the institution." So it wasn't... | |
It can't and it doesn't.
http://affordablehousinginstitute.org/bl...
http://caveatemptorblog.com/community-re...
Do you have difficulty understanding that the fed is going to underwrite those high risk loans? Do you not understand that those institutions that were not fulfilling the promise of the American Dream of a home of their own? Can you understand civil rights investigations? Granting those "high risk" loans was a win/win for everybody except honest home owners, all taxpayers, and the United States
Like affirmative action does, the CRA required quotas be met .
Quotas that required even unqualified minority borrowers in order to be filled.
You can find lawsuits against financial institutions exploiting that Act to extort money with the name of a young nobody Barack Hussein Obama, Jr. on them. Funny how nobody cares about that fvcker's background.
