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#1397635 - 05/28/10 01:53 PM For Profit Co. Mortgages in Low-Mod
Data Offline
100 Club
Data
Joined: Oct 2002
Posts: 226
Houston
We lend money to a for profit mortgage company. A fair amount of the mortgages are in Low-Mod income areas. Do we get any CRA credit?
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#1397841 - 05/28/10 06:50 PM Re: For Profit Co. Mortgages in Low-Mod Data
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 1,971
Connecticut
Are you asking do you get credit for community development, for the lending of the mortgage company in LMI tracts, or what?
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#1398109 - 06/01/10 03:31 PM Re: For Profit Co. Mortgages in Low-Mod Len S
Data Offline
100 Club
Data
Joined: Oct 2002
Posts: 226
Houston
Well, that is the question a board member posed to me. Do we get CRA credit for these loans? I will re-phrase the question. Can we count the portion of the mortgages that are in low-mod census tracts as community development loans?
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#1399143 - 06/03/10 03:53 PM Re: For Profit Co. Mortgages in Low-Mod Data
bubs63 Offline
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bubs63
Joined: May 2003
Posts: 665
Highland Park IL
No unless lent them the monies for a program to do loans in LMI tracts to LMI people. You would only then get credit or your loan to the mortgage company not each individual loan they do.
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#1399234 - 06/03/10 05:10 PM Re: For Profit Co. Mortgages in Low-Mod bubs63
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Joined: Oct 2002
Posts: 226
Houston
Thank you bubs. That is the conclusion I reached also.
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