“I have heard this claim several times. Do you have a source for this?”
Community Reinvestment Act (CRA)
Banks are evaluated by the Feds of how and where they lend.
“Are you a bank and want to expand? Fine, how are you doing with your CRA goals?”
This has been around quite a while and isn’t debatable in our industry, it’s a fact of life.
Some lenders were just more responsible on how they met their CRA goals than others.
Fortunately mine has been the most responsible in the nation so we are doing really now right now.
Okay, I see. It's another bureaucracy designed to destroy free thought.
Sorry, forgot to say “thanks”.
Oh, maybe you can answer a question. How much are these lenders really going to be hurt when, I assume, that most, if not all of these mortgages have to carry PMI?
I look at Detroit and see the obvious. Record foreclosures in “Red lined” areas, and Jessee Jackson calling the banks “Predators” because they loaned to people with bad credit history.