Tuesday, September 30, 2008

HR 3997 and Carter's Community Reinvestment Act of 1977

Here is a good resource for HR 3997 (H/T) to Taylor Norrish at ztay with a good link from Taylor Norrish: Govit.com is another good resource for HR 3997. It's got some good info, and you can vote on the bill, and send your vote to Congress. http://www.govit.com/HR_3997/Emergency_economic_stabilization_act_of_2008_-BD_Allow_the_gov/Comments Sound off! One more... Please take a look at the Housing and Community Reinvestment Act of 1977 at wikipedia: Community Reinvestment Act and Housing and Community Development Act of 1977 - Title VIII (Community Reinvestment. The wikipedia reference is short but it gives the history of the legislation from 1977 with changes made by George H. W. Bush, by Bill Clinton - when community organizers got involved and it appears that some folks made money by signing folks up for home mortgage loans, and by George W. Bush. There are very good articles listed in the references. So, our leaders as well as we - though more indirectly - have certainly been aware of this "train wreck" waiting to happen. PLEASE - at least read the wikipedia reference which is the first "Community Reinvestment Act" that I reference. I have to ask how community organizers - especially some referenced in Chicago - may or may not have been involved in signing up folks for "risky loans." ACORN, for example, got 760 million dollars under the act...

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