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Comptroller Dugan Says CRA Not Responsible for Credit Crisis (11/19/08) Comptroller of the Currency John C. Dugan said that the Community Reinvestment Act (CRA) is not responsible for the ongoing credit crisis. Speaking before the Enterprise Annual Network Conference in Baltimore, Dugan said "the lenders most prominently associated with subprime mortgage lending abuses and high rates of foreclosure are lenders not subject to CRA.” He added, “During the community tours I have taken over the past three years, I personally witnessed the positive impact that CRA partnerships have had in transforming communities, expanding homeownership, and promoting job creation and economic development.”
ABA Offers Summary of RESPA Changes (11/19/08) ABA has prepared a detailed summary of the Department of Housing and Urban Development's recently finalized changes to the Real Estate Settlement Procedures Act regulations. Among other things, the final RESPA rule entirely reformats and significantly lengthens the Good Faith Estimate and HUD-1 Settlement Statement forms, and requires that RESPA forms include information on interest rates and loan terms. For more information, contact ABA's Rod Alba.
