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→Community Reinvestment Act
===Community Reinvestment Act===
===Community Reinvestment Act===
:''Main article:'' [[Community Reinvestment Act]]
:''Main article:'' [[Community Reinvestment Act]]
Another one of President Clinton's early acts was an overhaul of the Community Reinvestment Act of 1977. The new provisions<ref>{{cite web
|title=Clinton Administration Further Liberalizes the Community Reinvestment Act
|url=http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html
|publisher=The White House }}</ref> substantially increased the amount of [[subprime mortgage]]s. The first public [[securitization]] of CRA subprime loans started in 1997. <ref>{{cite web
|title=FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES
|url=http://www.wachovia.com/inside/page/textonly/0,,134_307%5E306,00.html
|publisher=First Union Corporation (wachovia)}}</ref>
[[Howard Husock]] wrote: "The Clinton administration has turned the Community Reinvestment Act into ...a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion ... A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation.<ref>[http://www.city-journal.org/html/10_1_the_trillion_dollar.html The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities], Howard Husock, ''City Journal'', Winter 2000</ref>
Clinton told Jim Lehrer in an interview on the PBS Newshour, January 21, 1998,
Clinton told Jim Lehrer in an interview on the PBS Newshour, January 21, 1998,
{{Cquote|The Community Reinvestment Act was set up to say to the bank regulators: Look, you guys go in and look at these banks and tell them, you got to take some of your money and invest it in inner cities and neighborhoods, and with people who otherwise would not get it so they have a chance to build homes, to build businesses, to create jobs, to build neighborhoods.
{{Cquote|The Community Reinvestment Act was set up to say to the bank regulators: Look, you guys go in and look at these banks and tell them, you got to take some of your money and invest it in inner cities and neighborhoods, and with people who otherwise would not get it so they have a chance to build homes, to build businesses, to create jobs, to build neighborhoods.