From: Ellie Sigrist [mailto:elliesigrist@hotmail.com]
Sent: Thursday, September 16, 2004 4:26 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50
Ellie Sigrist
818 Grand Ave.
Missoula, MT 59802
September 16, 2004
Federal Deposit Insurance Commission
,
Dear Federal Deposit Insurance Commission:
Despite the successes of community development locally and
nationally, the banks and thrift institutions that provided the loans,
services, and investments to build new homes, businesses, and community
facilities may no longer have the impetus to do so if the FDIC raises
the comprehensive CRA exam threshold.
I agree with the National Congress for Community Economic Development
that this proposed change would have a devastating effect on affordable
housing and community development investment throughout the nation,
particularly
in rural areas.
President Bush's comments promoting an "Ownership Society" are truly
disingenuous if the actions of officials he appointed are undermining
proven laws that revitalize communities, increase minority
homeownership, and increase small business ownership for women and
minorities.
I work closely with first-time homebuyers and the CRA requirements
are significant in getting support from banks in western Montana.
Without this support, low and moderate income households will be very
limited in their opportunities to purchase their first home.
Additionally, predatory lending practices continue to rise in Montana
and keeping CRA requirements intact can help provide avenues for these
banks to offer alternatives to pad day lending loans.
Please rescind your proposal.
Sincerely,
Ellie Sigrist
