Community Reinvestment Act Mortgage Loans

community reinvestment act mortgage loansThere is yet another shady deal going around with mortgage loans these days. If you receive an offer from a lender or mortgage broker under a “Community Reinvestment Act (CRA) Program” endorsed by the Federal Reserve Board, raise that red flag right away. First and foremost, the Federal Reserve does not endorse or sponsor any mortgage loan programs so anyone claiming a loan is sponsored by the Federal Reserve Board is out and out lying. There have recently been a large number of complaints by consumers who have received deceptive ads for mortgage loans that come with cash grants or equity disbursements and many of these claim to be CRA Program mortgages.

Part of the confusion is

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