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===Community Reinvestment Act===

===Community Reinvestment Act===

:''Main article:'' [[Community Reinvestment Act]]

:''Main article:'' [[Community Reinvestment Act]]

One of President Clinton's early acts was an overhaul of the Community Reinvestment Act (CRA). In 1995 the implementing regulations were strengthened by focusing government regulators' attention on a financial institutions' performance in meeting community credit needs. The new provisions<ref>{{cite web

One of President Clinton's early acts was an overhaul of the Community Reinvestment Act (CRA). In 1995 the implementing regulations were strengthened by focusing government regulators' attention on a financial institutions' performance in doling out credit within specified communities. The new provisions<ref>{{cite web

|title=Clinton Administration Further Liberalizes the Community Reinvestment Act   

|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

|url=http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html

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. In the 20-year history of the Community Investment Act, 85 percent-plus the money loaned out under it to poor inner city neighborhoods has been loaned in the five years since I've been President.<ref>[http://www.youtube.com/watch?v=WTZIB6Sika4 Bill Clinton,] PBS Newshour, January 21, 1998. youtube </ref>}}

In the 20-year history of the Community Investment Act, 85 percent-plus the money loaned out under it to poor inner city neighborhoods has been loaned in the five years since I've been President.<ref>[http://www.youtube.com/watch?v=WTZIB6Sika4 Bill Clinton,] PBS Newshour, January 21, 1998. youtube </ref>}}

The threat of civil action caused many mortgage lenders to make what otherwise would be considered risky loans. For example, in 1995 lead attorney for [[ACORN]] Housing,  [[Barack Hussein Obama]] sued Citibank to force them into making [[Subprime loan|subprime mortgage]]s to unqualified minority borrowers. Obama alleged that although his clients had been denied mortgages "because of delinquent credit obligations and adverse credit," they were really victims of institutional racism. The suit was brought about by the Community Reinvestment Act, so called "affirmative action mortgage lending." The plaintiffs won $60,000, Obama and two other attorneys were paid $950,000 <ref>[http://www.forbes.com/2009/10/03/community-reinvestment-act-mortgages-housing-opinions-contributors-peter-schweizer.html A Poisonous Cocktail: Expanding the Community Reinvestment Act], Peter Schweizer, ''Forbes'', 10.05.09. ''Selma S. Buycks-Roberson v. Citibank'',</ref>

The threat of civil action caused many mortgage lenders to make what otherwise would be considered risky loans. For example, in 1995 lead attorney for [[ACORN]] Housing,  [[Barack Hussein Obama]] sued Citibank to force them into making [[Subprime loan|subprime mortgage]]s to unqualified minority borrowers. Obama alleged that although his clients had been denied mortgages "because of delinquent credit obligations and adverse credit," they were really victims of institutional racism. The suit was brought about by the Community Reinvestment Act, so called "affirmative action mortgage lending." The plaintiffs won $60,000, Obama and two other attorneys were paid $950,000 <ref>[http://www.forbes.com/2009/10/03/community-reinvestment-act-mortgages-housing-opinions-contributors-peter-schweizer.html A Poisonous Cocktail: Expanding the Community Reinvestment Act], Peter Schweizer, ''Forbes'', 10.05.09. ''Selma S. Buycks-Roberson v. Citibank'',</ref>