Federal Reserve Alerts Home Owners to Questionable Solicitations The Federal Reserve has distributed the following notice. “The Federal Reserve received complaints from recipients of direct mail solicitations that suggest there is a ‘Community Reinvestment Act (CRA) program’ that entitles certain homeowners to cash grants or equity disbursements. Some of these solicitations may be read to indicate that the Federal Reserve endorses or supports the offers they contain. These solicitations appear to be a deceptive effort to encourage consumers to apply for a mortgage loan secured by the consumer’s home. The Federal Reserve cautions the public about loan solicitations or other offers from lenders or mortgage brokers that offer consumers cash grants or equity disbursements as part of a ‘CRA Program.’ No such federal programs exist and these programs are not required by the CRA, which encourages depository institutions to help meet the credit needs of their communities, including low- ...