Barney Frank’s New Bill to Expand the Community Reinvestment Act
By Steve Sailer
09/18/2009
Nothing succeeds like failure.
Here’s a press release from the National Community Reinvestment Coalition:
Expansion of Community Reinvestment Act Would Promote Economic Security and Financial Inclusion for
For … whom? Can’t you guys at least finish your titles? I’m imagine in your "Who? Whom?" equation, I'll end up a Whom, but I don’t think the end of your sentence was going to be "for Steve Sailer’s Family."
So, what’s in Barney’s Bill, H.R. 1479, the "Community Reinvestment Modernization Act of 2009"?
- Extension of the CRA from mortgages to small business loans.
- Inclusion of credit unions (my vague impression is that credit unions screwed up less than most financial institutions, so Barney has to rectify that!)
- Switch from unofficial to official inclusion of independent mortgage firms (e.g., Countrywide).