A Bank of America Corp. press release touting a commitment to make $3 billion in low-cost mortgages mistakenly included a question-and-answer section that riled Senate Banking Committee Chairman Phil Gramm.

The Community Reinvestment Act can be a win-win for banks and their communities, last week's release from the Charlotte, N.C.-based giant reads. It also defended the Neighborhood Assistance Corporation of America, a nonprofit organization that is running ads criticizing Sen. Gramm's position on the CRA. The organization has enabled us to make loans to low- and moderate-income families that otherwise we could not have reached, B of A said.

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