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Barney Frank`s New Bill to Expand the Community Reinvestment Act
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September 18, 2009, 02:11 AM
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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).
Will we ever learn? How can we learn if we aren`t allowed to talk about What Just Happened to the economy?