CRA Can Ease Impact of REOs on Communities; Law Under Attack
October 20, 2008
The Community Reinvestment Act offers attractive incentives for covered banks and thrifts to mitigate the adverse effects of vacant and foreclosed properties in communities served by the institutions, according to a federal banking regulator. There are a number of activities related to foreclosed properties that can earn CRA credits, said Barry Wides, Office of the Comptroller of the...
The regulator said in an amicus brief Wednesday that home equity investments can be considered credit and subject to Truth in Lending Act requirements.
“We’re still not at the level of profitability where we should be in home lending, just given as we continue to wind down that servicing book,” said Charlie Scharf, CEO of Wells.
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