CRA-NC

RALS drain millions of dollars from the
pockets of families every year.
CRA-NC's work this spring on RALS
included the submission of comments,
and we organized a test ofincome tax
preparation facilities to gather data on
their handling of tax filers as it relates
to promotion of RALs. See more
information on RALS

EITC
North Carolina passes a refundable
earned income tax credit for workers in
2007.

The Foreclosure Crisis
The impact of subprime lending are now
being felt in communities and households
across the country.
Read CRA-NC's paper, "Empty Houses ,
Broken Dreams" documenting the
impact of foreclosures in Durham
County, North Carolina.

CRA-NC's Peter Skillern facilitates a
roundtable on solutions to the
foreclosure crisis.

Bank News
July 2, 2008
CIT Group sells its 470 million dollar
manufactured housing portfolio to
Vanderbilt Mortgage for 300 million
dollars. CIT seeks to shore up its
credit quality; Warren Buffet seeks a
bargain.

July 1, 2008
Bank of America completes its
acquisition of Countrywide Financial
today.

June 30th, 2008
Wachovia announces they will cease
to originate option-adjustable rate
mortgages with negative amortizing
features.

Manufactured Housing
Policy Reform
See a slideshow that explains how
CRA-NC is rehabilitating North
Carolina's first non-profit owned
land-lease park.

Legislative Activity
Two bills are working their way through
the North Carolina General Assembly.

The first, H1134, will provide funding
and legal authority for counties to
remove their abandoned mobile homes.

The second, H1700, will provide
financial incentives that encourage
park owners to sell to resident-owned
and/or non-profit owned groups.

BofA: We'll End Some Exotic Loans
If Bank Can Buy Countrywide
The Charlotte Observer, Charlotte NC - April 23, 2008
read article

Ban on 'Instant Refund Loans Sought
Tax preparers charge low-income filers too
much, groups in Durham, Philly say
The News & Observer, Durham NC - April 9, 2008
read article