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FDIC Federal Register Citations



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FDIC Federal Register Citations

09/17/04
1:00 PM EDT

FDIC
Washington, D. C.

To Whom It May Concern:

I have been involved with Community Reinvestment for years. I began serving as an aide/analyst for the Michigan Legislature in 1976, just as the Michigan Coalition Against Redlining was getting started.

I was on staff for the Legislature though 1993, when I became a Real Estate Appraiser. I have been both an independent fee appraiser, and a staff appraiser for one of the larger single family mortgage companies in Michigan, and today I am again an independent fee appraiser. I also serve on the board of the local fair housing program.

It is absolute essential for the proposal NOT be adopted. If only the biggest of the big banks have to report, the reports will become meaningless. Most of the area banks in Michigan would never have to report anything. The reason we required them to report this information was so that we, as the public, could be assured that the banks serving a local community were reinvesting in those communities. If this rule is adopted, agencies like our fair housing center, will not able to assure that our local lending institution are complying with the law.

And if they don't have to report, do you think they will do it? Of course not. If we hadn't this reporting position for the last few years, we would not have the community reinvestment that has been going on.

I think I have a unique perspective on this issue, as a former employee of the government, a former bank employee, and now as an independent fee appraiser. Let me assure you that if the institutions don't have to report what they do, in a short while they will not be making significant basic community reinvestments.

I am urging you to not adopt this new rule

As always, if you have any questions or concerns, please contact me at the above addresses.

Sincerely,

Gregory L. Mann
Gregory L. Mann, AGA, MAREA
Owner, Manager, Senior Appraiser
Michigan Licensed Appraiser
Appraisal Professionals of West Michigan, LLC
Board Member, PFHC of Southwest Michigan

 

Last Updated 09/28/2004 regs@fdic.gov

Last Updated: August 4, 2024