It's not that they are “underserved” by lenders. It's that a lot of the prospective loans are "undeserved" due to credit history and past performance.
Note on the Community Reinvestment Act: Every year the FFIEC releases bank lending information that the banks are supposed to use to help determine if they are in compliance. We are in the fourth year of Trump, and those crazies are proposing an exponentially more complex set of data and regulation that will add little to the objectives to the act, but much to bank headaches. The folly of this is demonstrated by the fact that the FFIEC was FIVE MONTHS late in releasing the 2018 data this year (late December instead of middle of July) while the banks only have three months to compile it.
Anything to soften that monster of a law is good.
We of course don’t want discrimination based on race, but that is already illegal.
If anyone can demolish that horrendous thing it’s just our awesome President, Donald J . Trump
If anyone can demolish that horrendous thing it’s just our awesome President, Donald J . Trump
The CRA was nothing more than a revolving piggy bank for Dems.................
From time to time it’s important to drop El Trumpo a brief note.
https://www.whitehouse.gov/contact/
[they profit from deposits taken from those same communities.]
Loans should be based on the exact same standards of credit worthiness - across the board... To do otherwise invites disasters like the housing collapse that happened a few years back...
No poop, Sherlock.
It’s been while, but rehashing the CRA —
The CRA program/office was created by Carter, and later intentionally exploded under Bill Clinton, who tasked certain key lawyers (including a lead lawyer named *B H O bama*).
With the White House also pressuring and manipulated the media and court, Obama and legal team won the key lawsuit, which forced the nation’s largest banks to change lending policy.
Banks were to remove lending restrictions specifically from minority applicants, regardless of score. Banks had to knowingly make housing loans available across the country, to people who would never pay them back, and in some cases, never intended to pay them back.
The case was strategically built around one of Clintons specialty’s, the targeted weaponization of civil rights (race). On Clintons que, the mass media and press painted banks and lenders as racist, which intentionally excluded loans based on race.
The banks were trashed by mass media and press.
Obama and his legal team were dependant on the “full court press” triggered and applied by the Clinton White Hut.
And PRESTO!
Now banks had to scale go total “sub-prime”!
There were other factors, but this was a key “biggly” reason for the precipitous mortgage meltdown which really broke the economy, which was then blamed on Bush and Republicans.
Ironic isn’t it (NOT). Clinton’s own “CRA Obama” would in 2007, get to blame and absolutely trash Bush for the economic destruction of his own hard fought handiwork!
Obama then goes on to play “messiah”, hand out obama-phones, and finish Clinton’s 30 year IC/DOD/DOJ/FBI/TREASURY/OMB purges of as many Patriots as possible.
Good! Bawney Fwank and Chris Dodd should be in jail!
When the whole thing fell apart, I tried to cash in, went to AG Edwards to buy Fannie Mae and Freddie Mac, AIG at 25c the share.
They told me to go to hell.
Bet Barney and Chris made a packet.
The CRA was the genesis of the 2009 housing crisis.
So will this be added to the list of impeachable offenses?