Comments on: Scapegoating the Community Reinvestment Act http://www.nonprofitquarterly.org/cohenreport/2008/10/10/scapegoating-the-community-reinvestment-act/ On the intersection of nonprofits, politics, and public policy. Tue, 06 Jan 2009 20:53:30 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Rick Cohen http://www.nonprofitquarterly.org/cohenreport/2008/10/10/scapegoating-the-community-reinvestment-act/comment-page-1/#comment-359 Rick Cohen Thu, 13 Nov 2008 01:24:23 +0000 http://www.nonprofitquarterly.org/cohenreport/?p=152#comment-359 Dear Yvonne and Rachel; I think the mortgage bankers need a good dose of regulatory attention, along with the hedge funds too. My concern is that the financial sector will use the current economic crisis as the wedge to deep-six the Community Reinvestment Act, suggesting that with tight money and plummeting housing markets, CRA is simply not relevant. That's clearly not true, but I'll bet some banks and others are hoping that the market does to CRA what the right wing ideologues haven't been able to do. It requires nonprofits to be on their advocacy toes and step up support for CRA. Thanks for commenting. Dear Yvonne and Rachel; I think the mortgage bankers need a good dose of regulatory attention, along with the hedge funds too. My concern is that the financial sector will use the current economic crisis as the wedge to deep-six the Community Reinvestment Act, suggesting that with tight money and plummeting housing markets, CRA is simply not relevant. That’s clearly not true, but I’ll bet some banks and others are hoping that the market does to CRA what the right wing ideologues haven’t been able to do. It requires nonprofits to be on their advocacy toes and step up support for CRA. Thanks for commenting.

]]> By: Rachel G. http://www.nonprofitquarterly.org/cohenreport/2008/10/10/scapegoating-the-community-reinvestment-act/comment-page-1/#comment-354 Rachel G. Wed, 12 Nov 2008 21:40:19 +0000 http://www.nonprofitquarterly.org/cohenreport/?p=152#comment-354 If anything, the current economic crisis proves that we need MORE legislation to ensure that financial institutions "do the right thing," not less. If anything, the current economic crisis proves that we need MORE legislation to ensure that financial institutions “do the right thing,” not less.

]]> By: Yvonne Sparks http://www.nonprofitquarterly.org/cohenreport/2008/10/10/scapegoating-the-community-reinvestment-act/comment-page-1/#comment-350 Yvonne Sparks Wed, 12 Nov 2008 18:25:25 +0000 http://www.nonprofitquarterly.org/cohenreport/?p=152#comment-350 Rick, I have been a community development professional for nearly 30 years part of which I spent as a community development banker. I agree with you that blaming the Community Reinvestment Act is "blaming the victim." I also agree that this is being position as a wedge issue--to create just enought space to eviscerate the Act--in the heightened regulatory climate that we are certain to enter after the inauguration of President-elect Obama. I just wanted to say thank you for so clearly and succinctly summarizing the argument for those of us on the pro-CRA sice. Anyone with a genuine, fact-based understanding of what has happened in the mortgage martket will clamor for more, not less regulation. Let's start with mortgage brokers and investment bankers. I'm there with you! Rick,

I have been a community development professional for nearly 30 years part of which I spent as a community development banker. I agree with you that blaming the Community Reinvestment Act is “blaming the victim.” I also agree that this is being position as a wedge issue–to create just enought space to eviscerate the Act–in the heightened regulatory climate that we are certain to enter after the inauguration of President-elect Obama.

I just wanted to say thank you for so clearly and succinctly summarizing the argument for those of us on the pro-CRA sice. Anyone with a genuine, fact-based understanding of what has happened in the mortgage martket will clamor for more, not less regulation. Let’s start with mortgage brokers and investment bankers. I’m there with you!

]]> By: Tharesa Lee http://www.nonprofitquarterly.org/cohenreport/2008/10/10/scapegoating-the-community-reinvestment-act/comment-page-1/#comment-321 Tharesa Lee Fri, 31 Oct 2008 13:23:19 +0000 http://www.nonprofitquarterly.org/cohenreport/?p=152#comment-321 It is an American travesty that African Americans, Hispanics, Causcasions with low to moderate income is being blamed for the financial crisis. It is always easier to look outside of ourselves to find fault. CRA was and still is a tool to make sure traditional banks take care of their neighbors first. How could we be so cruel and intolerable of one another in a wonderful country such as the United States. There are statistics that say the subprime market is more than just about low to moderate income citizens (approximarely 438,000 - 450,000 African American and Hispanics got subprime loans, but 1.2 million caucasians got subprime loans as well. All subprime loans are not predatory or bad and we are given hardworking persons such as Self-Help Credit Union a bad reputation, that they don't deserve. If we are going to blame someone, we can all blame ourselves for the place where we find ourselves. It is not about the poor, its not about the "middle Class", its not about the wealthy, it is about survival, it sis about justice, and its about sacrifice. We should always look for the whole story and not just the part that makes us look good, sound good, or feel good. How sad it is to blame people that only want a part of the American dream, homeownership. It is an American travesty that African Americans, Hispanics, Causcasions with low to moderate income is being blamed for the financial crisis. It is always easier to look outside of ourselves to find fault. CRA was and still is a tool to make sure traditional banks take care of their neighbors first. How could we be so cruel and intolerable of one another in a wonderful country such as the United States. There are statistics that say the subprime market is more than just about low to moderate income citizens (approximarely 438,000 - 450,000 African American and Hispanics got subprime loans, but 1.2 million caucasians got subprime loans as well. All subprime loans are not predatory or bad and we are given hardworking persons such as Self-Help Credit Union a bad reputation, that they don’t deserve. If we are going to blame someone, we can all blame ourselves for the place where we find ourselves. It is not about the poor, its not about the “middle Class”, its not about the wealthy, it is about survival, it sis about justice, and its about sacrifice. We should always look for the whole story and not just the part that makes us look good, sound good, or feel good. How sad it is to blame people that only want a part of the American dream, homeownership.

]]> By: David Cole http://www.nonprofitquarterly.org/cohenreport/2008/10/10/scapegoating-the-community-reinvestment-act/comment-page-1/#comment-267 David Cole Sun, 19 Oct 2008 03:58:54 +0000 http://www.nonprofitquarterly.org/cohenreport/?p=152#comment-267 I've linked to one of your posts, and I've added you to my blogroll. Check out my site: http://partyof1.net Thanks -- David Cole -- partyof1.net I’ve linked to one of your posts, and I’ve added you to my blogroll.
Check out my site:

http://partyof1.net

Thanks — David Cole — partyof1.net

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