Community Reinvestment Act

NCRC: Use Taxpayer Dollars to Bail out FHA Borrowers 

The National Community Reinvestment Coalition on Friday urged Congress to amend federal regulations to allow the Federal Housing Administration to refinance subprime borrowers’ loans in default, a move it said will prevent a “torrent of defaults and foreclosures expected to deluge the mortgage market as a result of the subprime lending crisis.” The NCRC also called for legislation to establish a national rescue fund to support low-income borrowers, funded by taxpayer dollars.