New Report: How Lenders Dodge Community Reinvestment
Posted by on March 7, 2003
From: “Tracy Van Slyke”
On March 4, the National Training and Information Center and members of the grassroots coalition, National People’s Action released a new study “Outside the Law: How Lenders Dodge Community Reinvestment.”
The study reveals that only one percent of the loans made by the top 25 lenders in the country in 2001 went to low and moderate-income (LMI) borrowers in LMI census tracts. “Outside the Law: How Lenders Dodge Community Reinvestment,” shows that 15 out of the top 25 lenders in the U.S. (60%) are not regulated by the Community Reinvestment Act (CRA). It also uses 2001 Home Mortgage Disclosure Act (HMDA) data to rank and examine the lending performance of the top 25 lenders in the United States.
The study also looked at lending in low and moderate income census tracts in eight cities including: Chicago, IL; Cincinnati, OH; Cleveland, OH; Des Moines, IA; Los Angeles, CA; Springfield, IL; Syracuse, NY and Washington, DC. Detailed maps for each city are included in the study. The study and full press release can be accessed at http://www.ntic-us.org.
For more information, contact NTIC at 312-243-3035.
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