eeb:
As I read them there is nothing in CRA of 1977 or FIRR&E act of 1989 or FHEF&S of 1992 that requires banks to make loans at lower rates or relax credit worthy-ness for any buyer. The CRA addressed the banks actions of charging higher rates and requiring a higher standard of credit- worthy-ness for persons living in low and middle class neighborhoods. I bought our first house in NYC in a red lined area and all the bank required a 20%+ down payment and a substantial bank account. In Westchester County, where I worked at the time,a typical down payment was 10%. Ultimately I qualified for a GI loan which required the bank to maintain a 5% maximum. Seven years later , after the act, I was able to buy several homes in the formally red lined area with the more traditional 10% down payment. And ..... for the record I fall into none of the "protected" categories.
Al
