From: dfrey [mailto:dfrey@ruralinc.org]
Sent: Thursday, September 16, 2004 4:02 PM
To: Comments
Cc: John Wiltse
Subject: RIN 3064-AC50, Community Reinvestment.
As Administrator of a first time homebuyers program for the counties
of Wayne and Ontario in upstate New York. I am appalled to hear that
FDIC is considering revising the CRA requirements. My families rely
heavily on the CRA programs available in my area which enable them to
attain homeownership. As we all know, homeownership is a tremendous
asset to a community. If banks with assets between $250 and $1 billion
are allowed to engage in lower CRA requirements, this will be a tragedy
not only for my program which administers to the low and very low income
families, but to the counties I administer. These counties depend on
these programs to develop and grow. It is my concern that banks will
only want to deal with affluent buyers. The growth of America lies in
our rural communities which contain a diversified population and it is
your responsibility to ensure they are serviced. If this new proposal is
passed, you will be doing a terrible diservice to the families that are
the backbone of this country.
Dolores J. Frey
Homeownership Program Administrator
for the counties of Wayne and Ontario
Rural Opportunities, Inc.
120 North Main Street, Room 11
Canandaigua, NY 14424
Direct (585) 396-3400
Fax (585) 396-3413
E'mail: dfrey@ruralinc.org
