Judith P Sloan

US Patent:

56896506, Nov 18, 1997

Filed:

Feb 23, 1995

Appl. No.:

8/393423

Inventors:

Glenn B. McClelland - Old Greenwich CT
Richard D. Levinson - Cortlandt Manor NY
Judith S. Sloan - New Rochelle NY

International Classification:

G06F 1760

US Classification:

395236

Abstract:

The CRA apparatus compiles investor needs for CRA qualified assets, creates portfolios of assets that would be recognized by regulatory agencies as meeting the requirements of the CRA and allocates CRA credits separately from the financial return of the portfolio of assets. The CRA apparatus can acquire CRA eligible loans from the secondary market, directly from private or governmental agencies, and/or directly from loan originators. The CRA apparatus determines whether an asset meets CRA qualifying parameters from demographic and statistical data regarding the borrower and/or the financial asset. The apparatus determines, by using CRA qualification factors as well as investor requirements, whether a loan should be acquired. In a parallel accounting process, the apparatus creates a pool of CRA eligible "credits" from the assets in each portfolio and then tracks and allocates specific CRA credits associated with specific assets to specific portfolio investors. This allocation of CRA credits creates specific "CRA interests" for each investor.