Discrimination is Running Rampant in Bank Lending

ACORN ACORN International Citizen Wealth Financial Justice Foreclosure

New Orleans        One of the toughest questions I got on my road tour of six countries was essentially, “how does it feel to have to keep fighting to hold on to every victory against constant opposition,” or in other words how do we do the work when every victory involves constant struggle.  My answer, most …

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Attack on Community Reinvestment Latest Battle in Republicans War on the Poor

Citizen Wealth Financial Justice Foreclosure

Little Rock   A headline in the Wall Street Journal marked another salvo in the vicious war that the Republicans and the Trump administration has launched on low-and-moderate income and minority families across the country. This time it was not transferring tax subsidies to the rich or attempting to eviscerate their healthcare and kill them. This …

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Private Equity Sabotaging Working Communities

Citizen Wealth Financial Justice Foreclosure

Madison   Auction off tens of thousands of homes during the housing crisis to private equity companies without rules or wherefores other than to offload the problems, despite knowing that private equity operations only care about their bottom line, what could go wrong? Not surprisingly, it turns out, just about everything, and nowhere is this truer …

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Has Community Reinvestment Become the Ghetto of the Banking Industry?

ACORN Citizen Wealth Financial Justice

New Orleans   Since the financial crisis many of us who believe in decent and affordable housing have spent time making sure the Community Reinvestment Act (CRA) didn’t become the goat for the financial meltdown and banking scandals. And, don’t get me wrong, that’s important! In a 2015 Federal Reserve study the conclusion was clear: CRA …

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Housing Discrimination is Back! Did it Ever Leave?

Citizen Wealth Financial Justice Ideas and Issues

 New Orleans      The Community Reinvestment Act (CRA) was passed in 1978 banning racial discrimination in lending.  The Home Mortgage Disclosure Act (HMDA) was passed as well, forcing banks to supply the data on where they approved mortgages and the racial and ethnic information on the borrowers.  Reporting and enforcement is under the jurisdiction of the Federal …

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