disproportionately steered by lenders into subprime loans. In 1993 President Bill Clinton made changes to the Community Reinvestment Act to make mortgages more obtainable for lower and lower-middle-class families. In 1993 the Federal Reserve Bank of Boston issued a report entitled "Closing the Gap: A Guide to Equal Opportunity Lending". The 30-page document was intended to serve as a guide to loan officers to help curb discriminatory lending "Closing the Gap", instructs banks to hire based upon diversity needs, sweeten the compensation structure for working with lower income applicants, encourages shifting high risk, low income applications to the sub prime market, by saying "the secondary market [Subprime Market] is willing to consider ratios above the standard 28/36", and "Lack of credit history should not be seen as a negative factor". While, "Closing the Gap" was not an industry-wide mandate, it illustrates the efforts banks made to meet public pressure to overcome mortgage discrimination. Under the Clinton administration community organizers pressured banks to increase their loans to minorities. Karen Wegmann, the head of Wells Fargo's community development group in 1993 told the New York Times, "The atmosphere now is one of saying yes." The same New York Times article echoed "Closing the Gap", writing, "The banks have also modified some standards for credit approval. Many low-income people do not have credit-bureau files because they do not have credit cards. So lenders are accepting records of continuously paid utility bills as evidence of creditworthiness. Similarly, they will accept steady income from several employers instead of the length of time at one job." Because of looser loan restrictions many people who did not qualify for a mortgage before now could own a home. The banks issued loans with teaser rates, knowing that when higher variable rates kicked in later the borrowers would not be able to meet their payments. As long as housing prices kept rising and borrowers could refinance easily, everyone appeared to be doing well. Minorities willingly entered sub-prime mortgages in far greater numbers than whites and represented a disproportional percentage of foreclosures, Recently, the NAACP has submitted a lawsuit concerning alleged injustices in the lending industry. An analysis, by N.Y.U.'s Furman Center for Real Estate and Urban Policy, illustrated stark racial differences between the New York City neighborhoods where subprime mortgages were common and those where they were rare. The 10 neighborhoods with the highest rates of mortgages from subprime