bobbyw24
10-13-2009, 05:59 AM
Conservative Republicans are capitalizing on the troubles of community activist group ACORN _ ranging from charges of voter registration fraud to embarrassing videos of its employees _ to revive their long-standing fight against a federal law that grades banks on their investments in poor and minority neighborhoods.
The 1977 Community Reinvestment Act was intended to end redlining, a practice in which banks in effect walled off many inner-city neighborhoods from mortgage loans. But some GOP lawmakers say it has outlived its purpose and is being used inappropriately by ACORN to shake down banks for money. They want to repeal the law, scale it back or at least block a Democratic proposal to expand it.
Critics of the law are linking it to ACORN _ a subject many Democrats wish would go away _ at every opportunity.
"Should we repeal CRA? Absolutely," said Rep. Jeb Hensarling, R-Texas, a member of the House Financial Services Committee. "Do we
http://townhall.com/news/politics-elections/2009/10/12/gop_uses_acorn_to_fight_bank_redlining_law
The 1977 Community Reinvestment Act was intended to end redlining, a practice in which banks in effect walled off many inner-city neighborhoods from mortgage loans. But some GOP lawmakers say it has outlived its purpose and is being used inappropriately by ACORN to shake down banks for money. They want to repeal the law, scale it back or at least block a Democratic proposal to expand it.
Critics of the law are linking it to ACORN _ a subject many Democrats wish would go away _ at every opportunity.
"Should we repeal CRA? Absolutely," said Rep. Jeb Hensarling, R-Texas, a member of the House Financial Services Committee. "Do we
http://townhall.com/news/politics-elections/2009/10/12/gop_uses_acorn_to_fight_bank_redlining_law