The Community Reinvestment Act, which at the time had been most recently revised in 1995, was the guiding principle to the then-push for an “ownership” society.
And about those banks and lending institutions, racial pressure groups such as Rainbow PUSH, the NAACP and ACORN were marching on the headquarters of lenders throughout the country, especially in 2005, DEMANDING they loosen their standards for loans to low-income households.
This was very much a SHARED responsibility. For Trump to lay that at the feet of the GOP is... once again... wrong.
Shall I find the Bush speech for ya?
“Education some he needs.”
“My FR home page please visit.”
The Community Reinvestment Act, which at the time had been most recently revised in 1995, was the guiding principle to the then-push for an “ownership” society.
Negative. The most recent revision to the CRA occurred via Bush's Partnership for Prosperity Agreement (with Mexico)
"In June 2004, in an effort to encourage more banks to enter the remittance market and improve access to the U.S. banking system among recent Latin American immigrants, bank regulatory agencies clarified that financial institutions offering low cost international remittance services would receive credit under the Community Reinvestment Act (CRA).18 Regulated financial institutions are required under the CRA to serve the convenience and credit needs of their entire communities, including low- and moderate-income areas. Most remittance senders to Latin America are low- to moderate-income immigrant wage earners who operate outside the formal banking system."
The only way illegal aliens could participate in the 'formal banking system' was because Bush signed the USA PATRIOT Act of 2001, which contained a provision that modified US banking laws to allow anyone with a Matricula Consular card to open a US bank account, and obtain US credit cards, auto, home and business loans.
Never forget that the Bush clan comes from a long line of Wall Street banksters and it's this constituency they serve.