You can take action on this alert by reading the information below and following the directions at the bottom.

The Community Reinvestment Act could be an even more effective way to mitigate current foreclosures and prevent a future crisis by strengthening the law and expanding it in scope.

By requiring banks to lend, invest and provide services in communities where they take deposits, the Community Reinvestment Act (CRA) has, since 1977, helped infuse more than $4.5 trillion in loans and investments into minority and lower income neighborhoods.

CRA will help us recover from the current foreclosure crisis since this law requires banks to meet the credit needs of all communities consistent with safety and soundness.

Despite recent criticism of the CRA, the vast majority of risky, high-cost subprime loans were originated by independent mortgage and finance companies -- lenders not currently covered by CRA. In fact, because CRA requires that banks lend consistent with principles of safety and soundness, CRA-covered institutions are less likely to make risky loans, thus decreasing the chances of default and foreclosure.

Support the CRA Modernization Act, H.R. 1479, which expands CRA to cover all institutions making mortgages, including bank affiliates and independent mortgage companies, and all areas in which an institution operates (not just where they are physically located). The bill also expands the types of activities that are examined to include lending and services to minority communities and would penalize companies during evaluations for predatory lending and other credit practices that have a negative impact on a community. Finally, the bill increases the accountability of covered institutions through improved data disclosure and provides additional opportunities for public comment on an institution's performance and on possible mergers.

Rep. Luis Gutierrez (IL-4) has already signed on to co-sponsor this bill. If Rep. Gutierrez is your congressperson, please contact him and thank him for his support of H.R. 1479.

For all other Illinois Congressional Representatives, please contact your congressperson and ask him/her to co-sponsor H.R. 1479.

Your message will be sent to each of the following targets:

Your U.S. Representative

A sample message appears below, which you may edit before sending.

This Action Alert Campaign is Closed.