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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (270978)	9/28/2008 3:57:32 PM
From: kech	2 Recommendations Read Replies (1) \| Respond to of 793883

This seems to be a critical point. Clinton changed the CRA in 1995 to make it much tougher for banks to meet the objectives. As a result, the large banks hired groups like ACORN to do it. A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation. Similar deals operate in almost every major U.S. city. Observes Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, which has $220 million in bank mortgage money to parcel out, "CRA is the backbone of everything we do." Not exactly small change.