EP 893 A Little Discussed Law Still Hard at Work to Expand Home Ownership in America
The U.S. Congress passed the Community Reinvestment Act (CRA)in 1977 with the key objective of ending redlining, the decades-old practice of neighborhood discrimination by banks against African Americans and others based on race and income. The race-based rejection of loans to creditworthy residents of redlined neighborhoods delayed the American dream of homeownership for generations. Our …