FDIC Federal Register Citations

From: Jordan Rowan [mailto:ajordanrowan@yahoo.com]
Sent: Thursday, September 30, 2004 11:29 AM
To: Comments
Cc: cra@ruralstrategies.org
Subject: Community Reinvestment - RIN 3064-AC50

To Whom it may concern:

As a concerned citizen, I urge you to withdraw your proposed changes to the Community Reinvestment Act regulations (RIN 3064-AC50). CRA has been instrumental in increasing homeownership and economic development. This action will do particular harm to rural communities.

This is not a partisan issue. President Bush lauds the value of the Ownership Society and the Kerry/Edwards ticket promises that “we can do better” for all Americans.
Given the increase in housing costs, more and more Americans are spending greater and greater percentages of their monthly income in rent, building no equity and having no access to the capital producing power of home ownership.

The Community Reinvestment Act has done much to protect those credit-worthy individuals in poor neighborhoods from the destructive practice of Redlining. The proposed changes to the CRA would nullify those protections and leave our most vulnerable citizens with no hope of building a better life for themselves and for their families.

I respectfully ask that you reconsider these changes that would have detrimental effects by weakening successful and valuable regulations.

Sincerely,
Jordan Rowan