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#1719593 - 07/12/12 08:03 PM CRA credit for OREO
Momom97 Offline
New Poster
Joined: May 2012
Posts: 8
California
In April 2012 FRB put out a statement regarding CRA credit for OREO residential property. Is the FRB allowing CRA credit for the sale and bank financing of a small business commercial OREO?

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#1719627 - 07/12/12 08:45 PM Re: CRA credit for OREO Momom97
bOaty Offline
Power Poster
bOaty
Joined: Aug 2006
Posts: 4,266
Chillin an grillin
I think the point of the credit for residential property was to help stabilize NSP areas that were hit hard by residential foreclosures. Someone please correct me if they know otherwise. smile
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#1719676 - 07/12/12 09:41 PM Re: CRA credit for OREO Momom97
Momom97 Offline
New Poster
Joined: May 2012
Posts: 8
California
The loan qualifies as a Small Business Loan (01E) but since it is our OREO and we financed the purchase not sure if it can be counted as a new CRA loan. Anyone have an opinion?

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