Expanding CRA Would Boost Ownership Society
The 1977 Community Reinvestment Act has generated trillions of dollars for urban and rural neighborhoods that had traditionally been redlined by financial institutions. However, the Bush Administration, with the help of its financial service industry friends, continues its assault on this law and on the low- and moderate-income communities it has served.
As a famous newspaper headline read when Gerald Ford refused financial assistance for New York City in the midst of its fiscal crisis 30 years ago, President George W. Bush has basically told the nations cities and many of its rural communities to drop dead.
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