…Hey, isn’t that disparate treatment?  Or does it only apply in the other direction?  Put another way, it used to be that there were rewards for succeeding in life.  Have we moved in the opposite direction?  We don’t want to name the bank, but we’d be interested to know if you’ve had sales calls like this.”, Excerpt from December 2015 Mortgage Industry Newsletter

“This has always been the case. When you get near a quarter or year-end, if you weren’t meeting your government-mandated CRA quota, you would go out in the market and buy the loans at above market prices to avoid a negative regulatory CRA examination finding. That’s why some firms would try to produce an excess of CRA loans and then sell them at quarter or year-ends for big premiums/profits. Isn’t this a clear example of how well-intended, government CRA mandates helped distort the free market for mortgages?” Mike Perry, former Chairman and CEO, IndyMac Bank