An oversimplified timeline Late 1960's - RedliningThe term "redlining" was coined in the late 1960s by community activists in Chicago. It describes the practice of marking a red line on a map to delineate the area where banks would not invest; 1977 - Community Reinvestment ActThe purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations Post-1977 - In exchange for favorable treatment by regulators, banks gave mortgages to underserved peoplethe Fed and other financial regulators have pressured/extorted banks into making more loans to less-than-creditworthy borrowers than they would normally be willing to risk...When the...
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Twas Quotas that Killed the Economy. [Obama and his buddies]
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