FDIC Federal Register Citations

Integrity Mortgage Solutions

From: Angela Ceaser [mailto:angelaceaser@integritymortgagesolutions.net]
Sent: Thursday, September 16, 2004 9:41 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

I believe it is very important to hold the banking industry accountable for serving minority and low-income communities and serving them "fairly". One issue that really disturbs me is the presence of sub-prime financial institutions in low/moderate income communities. These sub-prime financial arms (eg. Citifiinancial and Wells Fargo Financial) do not even offer prime products. That means that any consumer that receives financial services from these particular affiliates will receive a subprime product, regardless of the consumer's income or credit situation.

As banking institutions have less production in these communities, predators and high-priced lenders find a larger niche to fill in these communities. Poorer individuals and families need to have access to fair credit practices. The CRA Act as it stands is only one small step in ensuring that these communities are appropriately served. Any relaxation on the current CRA legislation would be totally ridiculous. If you really want to do some societal good, make financial institutions MORE accountable....not less! By the way, I happen to be a woman of color and a Mortgage Broker. I know first hand what goes on out there and the federal government has failed miserably in protecting consumers.

Angela Ceaser
Mortgage Broker/Owner
Integrity Mortgage Solutions