[thechat] Hiding from Elections Now

[erik mattheis]

On Mon, Oct 27, 2008 at 11:00 AM, Matt Warden <mwarden at gmail.com> wrote:

> The claim by the Fed and some members of Congress is that these loans
> were both safe and profitable. If that were true, why did we need the
> legislation?


Before the CRA, it was legal for banks to not consider issuing loans to
people who lived in certain geographic areas. Banks would have maps
(literally) with "no loans here" areas marked off on them. If someone same
in asking for a loan with a "wrong" address, tough luck.

The CRA stopped this practice of arbitrary discrimination.

-- 
Erik Mattheis

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