New Orleans The Community Reinvestment Act (CRA) passed in 1978, more than 35 years ago, was straightforward. Banks could no longer redline, meaning they could not use the deposits from lower income and minority neighborhoods to finance mansions for the rich in the sprawling suburbs. More plainly stated, they could not discriminate in their lending. …
Tag: mortgage
FACE to Face is Reducing Foreclosures in Hawaii
New Orleans Given how little of any significance has been done on any governmental or financial level to stem the tide of foreclosures in the USA, I read with interest a blurb in an on-line Shelterforce alert about progress in Hawaii. It seems the Gameliel affiliate, FACE (Faith Action for Community Equity), directed by our …
Elizabeth Warren’s Two-Income Trap
New Orleans With the passage of Dodd-Frank and the advent of the coming Consumer Protection Finance Agency there was a huge hubbub from business and others opposing the appointment of Harvard Law Professor and bankruptcy expert Elizabeth Warren to run the agency. Supposedly she was opposed by Treasury Secretary Timothy Geithner, the bank bailout Wall …