There was an event that happened down in Cincinnati yesterday afternoon that I think is seminal. Follow the link below to my comment on The National Fairness Campaign Blog.
Now this is an even better reason to convene a dialogue, and to put it on a tour bus for a few days with blogger support. This group wants to take it to Washington to begin the third attempt at Reconstruction, and this time, it's not all about race.
National Fairness Campaign Blog: good work, looking forward to more
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Tim thanks for those kind words and as one of my favorite characters, lets be about it!!!
ReplyDeleteFirst information: The Community Reinvestment Act
This landmark law, passed in 1977, requires banks to meet the credit needs of all communities, especially in low- and moderate-income areas. It was enacted in response to the existence of “redlining” (denial of loans and services) in low-income and minority communities by lending institutions.
Statements and Letters
In response to recent coordinated efforts in the media and elsewhere to hold the Community Reinvestment Act (CRA) responsible for the current financial crisis, Cincinnati Change along with NCRC, and a coalition of civil rights, consumer, community development and housing groups are working together to call attention to the real reason for the crisis: failed regulatory oversight.
Improved regulation of the financial system – including brokers, lenders, appraisers, rating agencies and securitizers – was essential. If the Community Reinvestment Act – and other appropriate regulation -- had been applied to independent mortgage companies and other non-bank financial institutions, it is likely that our nation would not be confronted with a foreclosure crisis. Critics of the law conveniently ignore that about 75 percent of sub-prime loans were not covered by CRA. They also ignore the fact that most reckless and damaging subprime lending occurred between 2003 and 2007, long after CRA’s passage in 1977.
We believe CRA exams provide clear and strong incentives for banks to make safe and sound loans and penalize them for making loans that are unfair and abusive.
CRA is an antidote, not a cause of the current crisis.
We will create the Antidote for Ohio, interested?
Blog On and lets make this an open process.