The secondary market for Community Reinvestment Act loans is taking off on Wall Street, prompting optimism that lenders will soon find it easier to meet their obligations to borrowers in their home communities.

In the past eight months, more than $1.5 billion of CRA loans have been securitized in three major deals. The latest was a $787 million package of loans from Fleet Financial Group, which Fannie Mae plans to sell in a $750 million real estate mortgage investment conduit.

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