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|publisher=First Union Corporation (wachovia)}}</ref>

|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 ... the evaluation process allowed advocacy groups a chance to express their views on individual banks" to receive a favourable CRA rating. These community groups worked out individual agreements and commitments from the Fannie Mae-backed lenders. "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>

Howard Husock wrote:<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>  "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 ... the evaluation process allowed advocacy groups a chance to express their views on individual banks" to receive a favourable CRA rating. These community groups worked out individual agreements and commitments from the Fannie Mae-backed lenders. 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, among a host of others.

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,<ref>[http://www.youtube.com/watch?v=WTZIB6Sika4 Bill Clinton,] PBS Newshour, January 21, 1998. youtube </ref> 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<ref>(sic) a bank does not invest its own money, it lends out depositors money under the [[prudent man rule]]; President Clinton obviously was in error in this gross misstatement or distortion of fundamental facts regarding the responsibilities of people entrusted to make judgements in handling other peoples money. </ref> 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>}}

{{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<ref>(sic) a bank does not invest its own money, it lends out depositors money under the [[prudent man rule]]; President Clinton obviously was in error in this gross misstatement or distortion of fundamental facts regarding the responsibilities of people entrusted to make judgements in handling other peoples money. </ref> 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.}}

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, the lead attorney for [[ACORN]] Housing, [[Barack Hussein Obama]], sued Citibank in 1995 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>

===Mexican Peso bailout===

===Mexican Peso bailout===