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http://www.conservapedia.com/Community_Reinvestment_Act
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Hey DGPeddler,
You don't really think Clo would go there and read
what is there, do you?
Zim.
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The Community Reinvestment Act (or CRA, (Public Law 95-12
, title VIII, (US Statute 91:1147), (US Code 12:2901) et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.
The CRA was passed into law by the U.S. Congress in 1977 by a liberal Congress under President Jimmy Carter to encourage those earning low incomes to obtain mortgages." Only one banker, Ron Grzywinski from ShoreBank in Chicago, testified in favor of the act. [1]
Thomas J. DiLorenzo said, "The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various 'neighborhood organizations,' as they like to call themselves, such as the Association of Community Organizations for Reform Now (ACORN)." [1]
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Mad Poet Strikes Again.
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