The Community Reinvestment Act did not cause the foreclosure crisis- the OCC agrees by emphasizing its benefits. Posted by money mom at 11/26/08 11:15 AM

In response to suggestions that the Community Reinvestment Act (CRA) caused the foreclosure crisis and credit market crisis, Consumer Union, along with thirty other groups, issued a statement in October denouncing this as attempt to deflect attention away from the real problem affecting our financial system- failed regulatory policy and oversight. On November 19th, the head of the OCC (Comptroller of the Currency John C. Dugan) agreed in part by “categorically disagree[ing] with suggestions that the Community Reinvestment Act is partly responsible for the ongoing credit crisis.”

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FDIC Proposes Sensible Program to Avoid Foreclosures Posted by Gail H at 11/20/08 05:09 PM

We are spending over $150 billion in taxpayer money to buy non-voting shares in banks. How about spending at least a fraction of that to stop the flood of foreclosures?

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Mortgage Meltdown Update Posted by money mom at 10/14/08 12:42 PM

Record numbers of homeowners are losing their homes to foreclosures and the foreclosure filings continue. In August, one in every 416 households in the U.S. received a foreclosure notice. Some states like California, Nevada and Arizona have been particularly hard hit. Though California experienced a significant dip in the number of foreclosure filings in September, due to new legislation that went into effect to build more safeguards into the foreclosure process, the Governor vetoed a bill that would have put in some longer term protections against the type of lending abuses that are at the root of the foreclosure crisis. I'm wondering, isn't leadership about protecting the public against a known danger, instead of asking taxpayers to rescue the mortgage meltdown culprits after the damage is done?

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Mo’ Money, Mo’ Money, Mo’ Money Posted by money mom at 08/08/08 03:49 PM

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New Development in California—the Mortgage Foreclosure Crisis Epicenter Posted by money mom at 07/28/08 04:15 PM

On July 2, 2008, the California Reinvestment Coalition (CRC) released a new report that examines whether mortgage loan servicing companies have done enough to help California borrowers avoid foreclosure.

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