This article has been condensed from one that originally appeared in Secondary Mortgage Markets, published by Freddie Mac.

Community lending moved to the forefront of industry issues in 1993 for primary market lenders as well as for Freddie Mac [Federal Home Loan Mortgage Corp.] and Fannie Mac [Federal National Mortgage Association], the two housing government-sponsored enterprises (GSEs). For lenders, proposed modifications to the Community Reinvestment Act regulations became a focal point in the community lending debate. The modifications were spurred by a desire to shift the regulatory emphasis from the process lenders go through to promote community lending to actual lending performance.

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