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Old May 3rd, 2013, 03:00 PM posted to alt.horror,alt.politics.socialism,alt.politics.economics,soc.retirement,rec.travel.europe
ПеаБраин[_4_]
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Posts: 97
Default “While the US is focused on its own domestic dramas, Europe as the Economist (UK) puts it, ‘is bleeding out.’ Silently, exsanguinating below the fold, but bleeding all the same.”

On May 3, 9:06Â*am, Old Pif wrote:
On May 3, 8:24Â*am, ПЈö'Донован wrote:

Democrat
politicians forced banks to make such loans to their poor risk
constituents who probably wouldn't be able to pay the loans back.

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They forced them how? What was exactly the actual instrument of
alleged coercion?

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Community Reinvestment Act
From Wikipedia, the free encyclopedia

"The Community Reinvestment Act (CRA, Pub.L. 95–128, title VIII of the
Housing and Community Development Act of 1977, 91 Stat. 1147, 12
U.S.C. § 2901 et seq.) is a United States federal law designed to
encourage commercial banks and savings associations to help meet the
needs of borrowers in all segments of their communities, including
low- and moderate-income neighborhoods.[1][2][3] Congress passed the
Act in 1977 to reduce discriminatory credit practices against low-
income neighborhoods, a practice known as redlining.[4][5]
The Act instructs the appropriate federal financial supervisory
agencies to encourage regulated financial institutions to help meet
the credit needs of the local communities in which they are chartered,
consistent with safe and sound operation (Section 802.) To enforce the
statute, federal regulatory agencies examine banking institutions for
CRA compliance, and take this information into consideration when
approving applications for new bank branches or for mergers or
acquisitions (Section 804.)[6]

Enforcement

The Community Reinvestment Act of 1977 seeks to address discrimination
in loans made to individuals and businesses from low and moderate-
income neighborhoods.[7] The Act mandates that all banking
institutions that receive Federal Deposit Insurance Corporation (FDIC)
insurance be evaluated by Federal banking agencies to determine if the
bank offers credit (in a manner consistent with safe and sound
operation as per Section 802(b) and Section 804(1)) in all communities
in which they are chartered to do business.[3] The law does not list
specific criteria for evaluating the performance of financial
institutions. Rather, it directs that the evaluation process should
accommodate the situation and context of each individual institution.
Federal regulations dictate agency conduct in evaluating a bank's
compliance in five performance areas, comprising twelve assessment
factors. This examination culminates in a rating and a written report
that becomes part of the supervisory record for that bank.[8]....."