President Clinton's community development loan plan (version 2) is a much better deal for banks than the one he espoused during the campaign, and the industry should be grateful.

But if I were a resident of one of the dmxressed communities that this proposal is designed to help, I wouldn't be jumping for joy just yet, because of a glitch. And that glitch is in the form of the nonprofit, federally chartered corporation that will administer the $387 million in matching funds.

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