...Sovran Finacial & the CRA:
http://www.allbusiness.com/personal-.../123996-1.html
"...Headlines brought the news of a recent [1989] challenge by community groups to the $2.2 billion merger of Virginia's Sovran Financial Corporation and Atlanta's Citizens and Southern Corporation on grounds the institutions hadn't lived up to their CRA obligation..."
...and Continental Illinois:
"Continental Illinois National Bank was challenged [c. 1989] under CRA regulations during its purchase of an Arizona bank. In this rare CRA challenge by federal regulators, the purchasing transaction was denied."
and Fannie Mae & Freddie Mac:
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9582 60&sec=&spon=&pagewanted=1
"...The change in policy also comes at the same time [1999] that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants [BTW, in an
automated system?!] ..."
...and...
Dime Bancorp/Washington Mutual:
http://query.nytimes.com/gst/fullpag...51C1A962958260
"Last summer, when Dime Bancorp and Anchor Bancorp announced their plans to merge, Inner City Press/Community on the Move, a nonprofit organization based in the Bronx, took a familiar stance. Charging that the two banks had failed to serve residents properly in the Bronx, Inner City moved to block the merger, relying on the Community Reinvestment Act, which compels banks to lend in the communities they serve."
...So, in the beginning, community activists used the US Congress to strong arm banks into making those loans; that's a matter of historical fact. After that, since they didn't have much choice, most of the financials decided to close their eyes and try making lemonade out of lemons...