Jump to content

Community Reinvestment Act and Saladin: Difference between pages

From Wikipedia, the free encyclopedia
(Difference between pages)
Content deleted Content added
→‎Enforcement: NPV language
 
 
Line 1: Line 1:
{{dablink|For other uses see [[Saladin (disambiguation)]].}}
{{POV|date=September 2008}}
{{Infobox Monarch
The '''Community Reinvestment Act''' (or '''CRA''', {{USPL|95|128}}, title VIII, {{USStat|91|1147}}, {{USC|12|2901}} ''et seq.'') is a [[United States federal law]] designed to encourage commercial [[banks]] and [[savings and loan association|savings associations]] to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.<ref>[http://www.fdic.gov/regulations/laws/rules/6500-2515.html Text of Housing and Community Development Act of 1977—title Viii (Community Reinvestment)].</ref><ref name="Federal Reserve">{{cite web|url=http://www.federalreserve.gov/dcca/cra/|title=Community Reinvestment Act|publisher=Federal Reserve|accessdate=2008-10-05}}</ref><ref name="ABC">{{cite web|url=http://www.clevelandfed.org/research/Commentary/2000/1100.htm|title=The Performance and Profitability of CRA-Related Lending |last=Avery |first=Robert B. |coauthors=Raphael W. Bostic, Glenn B. Canner |date=November, 2000|work=Economic Commentary |publisher=Federal Reserve Bank of Cleveland |accessdate=2008-10-05 }}</ref> The Act was intended to reduce discriminatory credit practices against such neighborhoods, a practice known as '[[redlining]]'.<ref name="SandraThompson">{{cite web|url=http://www.fdic.gov/news/news/speeches/chairman/spfeb1308.html |title=Statement of Sandra L. Thompson, Director, Division of Supervision and Consumer Protection |last=Thompson |first=Sandra L |date=2008-2-13 |publisher=FDIC |accessdate=2008-10-05 }}</ref> The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation. (See full text of Act and current regulations.<ref>[http://www.fdic.gov/regulations/laws/rules/6500-2515.html Text of Housing and Community Development Act of 1977—title Viii (Community Reinvestment)].</ref>) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for banking mergers, acquisitions or branching.<ref name="St. Louis Fed">{{cite web|url=http://www.stlouisfed.org/community/about_cra.html |title=The Community Reinvestment Act |publisher=Federal Reserve Bank of St. Louis |accessdate=2008-10-06 }}</ref>
| name =Ṣalāḥ ad-Dīn Yūsuf ibn Ayyūb
| title =[[Sultan]] of [[Egypt]] and [[Syria]]
| image =[[Image:Saladin2.jpg|200px|caption]]
| caption =Artistic representation of Saladin
| reign =1174–1193
| coronation =1174
| full name =Ṣalāḥ ad-Dīn Yūsuf ibn Ayyūb
| predecessor =[[Nur ad-Din]]
| successor =[[Al-Aziz Uthman|Al-ˤAzīz ˤUthmān]]
| dynasty =[[Ayyubid dynasty|Ayyubid]]
| father =[[Najm ad-Din Ayyub|Najm ad-Dīn Ayyūb]]
| date of birth =c. 1137–1138
| place of birth =[[Tikrit]], [[Iraq]]
| date of death =[[March 4]] 1193 CE
| place of death =[[Damascus]], [[Syria]]
| place of burial =[[Umayyad Mosque]], [[Damascus]], [[Syria]]
|}}


'''Salahadin Ayyubi''' ([[Arabic language|Arabic]]:صلاح الدين يوسف بن أيوب; ; [[Turkish language|Turkish]] '''Selahaddin Eyyubi''' c. 1138 - March 4, 1193), better known as '''Saladin''' in medieval Europe, was a Sultan of [[Egypt]] and [[Syria]]. He was a [[Turkish]] [[Muslim]] and led the Islamic opposition to the [[Third Crusade]]. At the height of his power, the [[Ayyubid dynasty]] he founded, ruled over Egypt, Syria, [[Iraq]], [[Hejaz]], and [[Yemen]]. He led Muslim resistance to the European [[Crusader]]s and eventually recaptured Palestine from the Crusader [[Kingdom of Jerusalem]]. As such, he is a notable figure in [[Arab]], [[Turkish]], and [[Islamic Golden Age|Muslim culture]]. Saladin was a strict practitioner of [[Sunni Islam|Sunni]] [[Islam]]. He did not maim, kill or retaliate against those whom he defeated,<ref name="Islam: Empire of Faith Documentary">{{cite news|url=http://www.imdb.com/title/tt0309720/|title=Islam: Empire of Faith|publisher=IMDB|accessdate=2008-08-20}}</ref><ref name="Encyclopaedia Britannica 2008 PC Edition"/> with the notable exception of certain events following the [[Battle of Hattin]]. His generally [[chivalry|chivalrous]] behaviour was noted by Christian chroniclers, especially in the accounts of the siege of [[Krak_in_Moab#Castle|Krak in Moab]].
==Enforcement==
The CRA mandates that all banking institutions that receive FDIC insurance be evaluated by the relevant banking regulatory agencies to determine if the institution has met the credit needs of its entire community in a manner consistent with safe and sound operations.<ref name="Federal Reserve"/> The CRA does not list specific criteria for evaluating the performance of financial institutions. Rather, the law directs that the evaluation process should accommodate the situation and context of each individual institution. The law also does not require institutions to make high-risk loans that may bring losses to the institution, instead the law emphasizes that an institution's CRA activities should be undertaken in a safe and sound manner.<ref name="Federal Reserve"/><ref name="Bernanke"/> There are no specific penalties for non-compliance with the CRA. However, an institution's CRA compliance record is taken into account by the banking regulatory agencies when the institution seeks to expand through merger, acquisition or branching.<ref name="St. Louis Fed">{{cite web|url=http://www.stlouisfed.org/community/about_cra.html |title=The Community Reinvestment Act |publisher=Federal Reserve Bank of St. Louis |accessdate=2008-10-06 }}</ref><ref name="FFIEC">{{cite web|url=http://www.ffiec.gov/cra/history.htm|title=Community Reinvestment Act: Background & Purpose |publisher=FFIEC|accessdate=2008-10-06}}</ref>


==Early life==
The same federal agencies that are responsible for supervising depository institutions are also the agencies that conduct examinations for CRA compliance. These agencies are the [[Federal Reserve]], the [[Federal Deposit Insurance Corporation]] (FDIC), the [[Office of the Comptroller of the Currency]] (OCC), and the [[Office of Thrift Supervision]] (OTS). The Federal Financial Institutions Examination Council (FFIEC) coordinates inter-agency information about the CRA.<ref name="Federal Reserve"/><ref>[http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=44059fe1dfc00c61e5a82d909ebafac0&rgn=div8&view=text&node=12:4.0.1.2.33.1.3.1&idno=12 CRA Statute]</ref> Information about the CRA ratings of individual banking institutions from the four responsible agencies (Federal Reserve, FDIC, OCC and OTS), is publicly available from the website of the FFIEC.<ref>[http://www.ffiec.gov/craratings/default.aspx FFIEC INTERAGENCY CRA RATING SEARCH]</ref> These ratings were first made available by the Clinton administration to enable public participation and public comment on CRA performance.<ref name="PressBrief">{{cite web |title=White House Press Briefing, December 8 1993 |url=http://clinton6.nara.gov/1993/12/1993-12-08-briefing-by-bentsen-and-rubin.text.html |publisher=The White House }}</ref> In 1981, to help achieve the goals of the CRA, each of the Federal Reserve banks established a Community Affairs Office to work with banking institutions and the public in identifying credit needs within the community and ways to address those needs.<ref name="St. Louis Fed"/>
Saladin was born ''Yūsuf Ṣalāḥ ad-Dīn ibn Ayyūb'' from a predominantly [[Turkish]]background and ancestry.<ref name="Encyclopedia of World Biography on Saladin">{{cite web|url=http://www.bookrags.com/biography/saladin/|title=Encyclopedia of World Biography on Saladin|language=English|accessdate=2008-08-20}}</ref> His family lived in [[Tikrit, Iraq|Tikrit]], in what is now [[Iraq]], where he was born during the Islamic world's [[Islamic Golden Age|Golden Age]] [[Najm ad-Din Ayyub|Najm ad-Dīn Ayyūb]], was banned from Tikrit and moved to [[Mosul]] where he met Imād ad-Din [[Zengi]], the Turkish [[atabeg]] or regent of Mosul at the time who was also the founder of the [[Zengid|Zengid dynasty]], who was leading [[Muslim]] forces against the [[Crusade]]rs in [[County of Edessa|Edessa]].{{Fact|date=August 2008}} Imād ad-Din Zengi appointed Najm ad-Din as the commander of his fortress in [[Baalbek]].<ref name="Who2 Biography: Saladin, Sultan/Military Leader">{{cite web|url=http://www.answers.com/topic/saladin|title=Who2 Biography: Saladin, Sultan / Military Leader |publisher=Answers.com|language=English|accessdate=2008-08-20}}</ref> After the death of Imād ad-Din Zengi in 1146, his son, [[Nur ad-Din|Nūr ad-Dīn]], became the regent of Mosul.<ref name="Who2 Biography: Saladin, Sultan/Military Leader"/> Saladin received his name from Nūr ad-Dīn and was sent to [[Damascus]] to continue his education and this was where he also completed his educational studies.<ref name="Reston">Reston (2001), pp 3–8.</ref><ref name="Saladins short biography from Middle-ages.org">{{cite web|url=http://www.middle-ages.org.uk/saladin.htm|title=Saladins short biography from Middle-ages.org|language=English|accessdate=2008-08-20}}</ref> Several sources claim that during his studies he was more interested in religion than joining the military.<ref name="Who2 Biography: Saladin, Sultan/Military Leader"/> Another factor which may have affected his interest in religion was that during the [[First Crusade]] [[Jerusalem]] was taken by force from the [[Christians]] by surprise when the [[Islamic world]] had done nothing to start the offensive.<ref name="Who2 Biography: Saladin, Sultan/Military Leader"/><ref name="Islam: Empire of Faith Documentary"/> The Muslim culture and the city was pillaged and much of their culture lay in ruins for at least one hundred and four years.<ref name="Islam: Empire of Faith Documentary"/> Saladin later rebelled against the Christian-held Jerusalem and won back the city.<ref name="Saladins short biography from Middle-ages.org"/><ref name="Islam: Empire of Faith Documentary"/>


==Sultan==
CRA regulations give community groups the right to comment or protest about banks' non-compliance with CRA. Such comments could help or hinder banks' planned expansions. Groups at first only slowly took advantage of these rights.<ref>Schwartz, A., [http://www.innovations.harvard.edu/showdoc.html?id=3275 From confrontation to collaboration? Banks, community groups, and the implementation of community reinvestment agreements], [[Fannie Mae]], 3, pp. 631-662, 1998.</ref> Regulatory changes during the [[William Jefferson Clinton|Clinton]] administration allowed these community groups better access to CRA information and enabled them to increase their activities.<ref name="Braunstein">Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, [http://www.federalreserve.gov/newsevents/testimony/braunstein20080213a.htm The Community Reinvestment Act], Testimony Before the Committee on Financial Services, U.S. House of Representatives, 13 February 2008.</ref><ref>[[http://www.house.gov/apps/list/hearing/financialsvcs_dem/seidman021308.pdf Testimony of Ellen Seidman, Director, Financial Services and Education Project of New America Project] before the [[United States House Committee on Financial Services]], February 13, 2008.</ref><ref>[[http://www.house.gov/apps/list/hearing/financialsvcs_dem/seidman021308.pdf Testimony of Ellen Seidman, Director, Financial Services and Education Project of New America Project] before the [[United States House Committee on Financial Services]], February 13, 2008.</ref><ref name="Bernanke"/>
===Egyptian===
[[Image:SaladinRexAegypti.jpg|thumb|right|200px|''Saladin, King of Egypt'' from a [[15th century]] [[illuminated manuscript]]; the ''[[globus cruciger|globus]]'' in his left hand is a European symbol of kingly power.]]


His career in the [[military]] began when his uncle Asad al-Dīn Shīrkūh, or simply named [[Shirkuh]], started training him. Shirkuh was an important [[military commander]] under the [[emir]] Nūr al-Dīn, who was the son and successor of [[Zangi|Zangī]]. During three military expeditions led by Shīrkūh into Egypt to prevent its falling to the [[Latin]] [[Christian]] [[Crusaders]] who already ruled [[Jerusalem]]. [[Amalric I]], the king of Jerusalem; [[Shawar|Shāwar]], the powerful [[vizier]] of the [[Egyptian]] [[Fatimid|Fāṭimid]] [[caliph]]; and Shīrkūh formed a struggle. After Shīrkūh's death and after ordering Shāwar's assassination, Saladin, in 1169 was appointed both commander of the Syrian troops in Egypt and vizier of the Fāṭimid caliph there. Saladin was only 31 when he received the position in the military and tried to finish much of his uncle's work. His relatively quick rise to power was due to the fact he had come from [[Turkish]] background and is cited as having many talents including being an effective and efficient military leader. He became from then onwards a [[Sultan]] of Egypt and his clear demonstration of being an efficient leader quickly built up his [[reputation]] of a great leader, although he had received the title of [[king]], many had referred to him as the Sultan of Egypt. The founding of the [[Ayyubid dynasty]] and restoring [[Sunni Islam]] in Egypt is all credited to Saladin.<ref name="Encyclopaedia Britannica 2008 PC Edition"/> He expanded his territory westwards in the [[Maghreb]] and when his uncle was sent up the [[Nile]] to [[pacify]] some resistance of the former Fatimid supporters, he continued on down the [[Red Sea]] to conquer [[Yemen]].<ref name="Encyclopaedia Britannica 2008 PC Edition"/>
==History==
The original Act was passed in 1977, several legislative applications and regulatory revisions have been enacted since then.
Saladin's position was further enhanced when, in 1171, he abolished the ineffective [[Shia Islam|Shīʿite]] Fāṭimid caliphate, and lead a return to Sunni Islam in Egypt.<ref name="Encyclopaedia Britannica 2008 PC Edition"/> When the caliph died in 1171, Saladin had the [[ulema|ˤulamā']] pronounce the name of [[al-Mustadi]], the Sunni - and, more importantly, [[Abbassid]] - caliph in [[Baghdad]] at [[sermon]] before [[Friday prayers]]; by their authority, they simply [[depose]]d the old line. Saladin ruled Egypt, but officially as the representative of the [[Turkey|Turkish]] [[Seljuk]] ruler Nūr ad-Dīn, who himself conventionally recognized the Abbassid caliph.<ref name="Reston"/> Although he remained for a time a [[vassal]] of Nūr al-Dīn, the relationship he had had ended with the Syrian's death in 1174.<ref name="Who2 Biography: Saladin, Sultan/Military Leader"/> Saladin quickly used the emir's rich [[Agriculture|agricultural]] possessions in Egypt as a financial base, Saladin soon moved into Syria bringing with him a strictly disciplined army to claim the regency on behalf of the young son of his former [[suzerain]], however the army he brought was small. Soon, however, he abandoned this claim, and from 1174 until 1186 he rigorously pursued a goal of uniting all the [[Muslim]] territories of Syria, northern [[Iraq]], [[Palestine]], and Egypt.<ref name="Encyclopaedia Britannica 2008 PC Edition"/> Saladin is credited to have revitalized the economy of Egypt, reorganized the military forces and, following his father's advice, stayed away from any conflicts with Nur ad-Din, his formal lord, after he had become the real ruler of Egypt.<ref name="Reston"/> He waited until Nūr ad-Dīn's death before starting serious military actions, at first against smaller Muslim states, then directing them against the [[Richard I|Crusader]]s. Sources such as ''[[Encyclopaedia Britannica]]'' are quoted as explaining Saladins techniques in warfare and his attitudes to the conquered:
<blockquote>This he accomplished by skillful diplomacy backed when necessary by the swift and resolute use of military force. Gradually his reputation grew as a generous and virtuous but firm ruler, devoid of pretense, licentiousness, and cruelty. In contrast to the bitter dissension and intense rivalry that had up to then hampered the Muslims in their resistance to the Crusaders, Saladin's singleness of purpose induced them to re-arm both physically and spiritually.<ref name="Encyclopaedia Britannica 2008 PC Edition">{{cite book|first=Encyclopaedia Britannica 2008 PC Edition|title=Encyclopaedia Britannica|language=English}}</ref></blockquote>


===Original Act===
===Syrian===
On two occasions, in 1170 and 1172, Saladin retreated from an invasion of the [[Kingdom of Jerusalem]]. These had been launched by Nūr ad-Dīn and Saladin hoped that the Crusader kingdom would remain intact, as a [[buffer state]] between Egypt and Syria, until Saladin could gain control of Syria as well. Nūr ad-Dīn and Saladin were headed towards open war on these counts when Nūr ad-Dīn died in 1174. Nūr ad-Dīn's heir, [[as-Salih Ismail al-Malik]], was a mere boy in the hands of court [[eunuch]]s, and died in 1181.


Immediately after Nūr ad-Dīn's death, Saladin marched on [[Damascus]] and was welcomed into the city. He reinforced his legitimacy there in the time-honored way, by marrying Nūr ad-Dīn's widow [[Ismat ad-Din Khatun]]. [[Aleppo]] and [[Mosul]], on the other hand, the two other largest cities that Nūr ad-Dīn had ruled, were never taken but Saladin managed to impose his influence and authority on them in 1176 and 1186 respectively. While he was occupied in [[siege|besieging]] [[Aleppo]], on [[May 22]], [[1176]], the shadowy [[Ismaili]] assassin group, the [[Hashshashin]], attempted to murder him. They made two attempts on his life, the second time coming close enough to inflict wounds.
The CRA was passed by the 95th [[United States Congress]] and signed into law by [[Jimmy Carter|President Jimmy Carter]] in 1977 as a result of national pressure to address the deteriorating conditions of American cities – particularly lower-income and minority neighborhoods.<ref name="Bernanke">Ben S. Bernanke, Chair of [[Federal Reserve System]], [http://www.federalreserve.gov/newsevents/speech/Bernanke20070330a.htm The Community Reinvestment Act: Its Evolution and New Challenges], speech at the Community Affairs Research Conference, Washington, D.C., [[Federal Reserve System]] website, March 30, 2007.</ref> It followed similar laws passed to reduce discrimination in the credit and housing markets including the [[Fair Housing Act]] (1968), the [[Home Mortgage Disclosure Act]] of 1975 (HMDA) and the [[Equal Credit Opportunity Act]] (1974). The Equal Credit Opportunity Act and the Fair Housing Act prohibit discrimination on the basis of race, sex, or other personal characteristics. The Home Mortgage Disclosure Act requires that financial institutions publicly disclose mortgage lending and application data. In contrast with those acts, the CRA seeks to ensure the equal provision of credit to various parts of a community – regardless of the relative wealth or poverty of an neighborhood.<ref name="Braunstein"/><ref name="SandraThompson"/>


While Saladin was consolidating his power in Syria, he usually left the Crusader kingdom alone, although he was generally victorious whenever he did meet the Crusaders in battle. One exception was the [[Battle of Montgisard]] on [[November 25]], [[1177]]. He was defeated by the combined forces of [[Baldwin IV of Jerusalem]], [[Raynald of Chatillon]] and the [[Knights Templar]]. Only one tenth of his army made it back to Egypt.
Before the Act was passed, there were severe shortages of credit available to low- and moderate-income neighborhoods. In their 1961 report, the [[U.S. Commission on Civil Rights]] found that African-American borrowers were often required to make higher down payments and adopt faster repayment schedules. The commission also documented blanket refusals to lend in particular areas (redlining).<ref>{{cite book|last=United States Commission on Civil Rights|title=1961 U.S. Commission on Civil Rights Report|publisher=United States Commission on Civil Rights|volume=4|url=http://www.law.umaryland.edu/marshall/usccr/documents/cr11961bk4.pdf|accessdate=2008-10-06}}</ref> Contributory factors in the shortage of direct lending in low- and moderate-income communities were a limited secondary market for mortgages, informational problems to do with the lack of credit evaluations for lower-income borrowers, and lack of coordination among credit agencies.<ref name="SandraThompson"/><ref name="Bernanke"/><ref name="Braunstein">Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, [http://www.federalreserve.gov/newsevents/testimony/braunstein20080213a.htm The Community Reinvestment Act], Testimony Before the Committee on Financial Services, U.S. House of Representatives, 13 February 2008.</ref>


==Crusades==
In Congressional debate on the Act, critics charged that the law would "distort credit markets, create unnecessary regulatory burden, lead to unsound lending, and cause the governmental agencies charged with implementing the law to allocate credit." Partly in response to these concerns, Congress included little prescriptive detail and simply directs the banking regulatory agencies to ensure that banks and savings associations serve the credit needs of their local communities in a safe and sound manner.<ref name="Braunstein"/><ref name="Bernanke"/> Community groups only slowly organized to take advantage of their right under the Act to complain about law enforcement of the regulations.<ref>Schwartz, A., [http://www.innovations.harvard.edu/showdoc.html?id=3275 From confrontation to collaboration? Banks, community groups, and the implementation of community reinvestment agreements], [[Fannie Mae]], 3, pp. 631-662, 1998.</ref>
[[Image:Saladinstatue.JPG|thumb|300px|right|The statue of Saladin at the entrance of the citadel in [[Damascus]].]]
Saladin spent the subsequent year recovering from his defeat and rebuilding his army, renewing his attacks in 1179 when he defeated the Crusaders at the [[Battle of Jacob's Ford]].<ref>also ''Baytu l-Ahazon''</ref> after which a truce was declared between Saladin and the Crusader States in 1180.{{Fact|date=June 2008}} However, Crusader counter-attacks provoked further responses by Saladin. Raynald of Chatillon, in particular, harassed Muslim [[Trade|trading]] and [[pilgrimage]] routes with a fleet on the [[Red Sea]], a water route that Saladin needed to keep open. In response, Saladin built a fleet of 30 galleys to attack [[Beirut]] in 1182. Raynald threatened to attack the holy cities of [[Mecca]] and [[Medina]]. In retaliation, Saladin twice [[Siege of Kerak|besieged Kerak]], Raynald's fortress in [[Oultrejordain]], in 1183 and 1184. Raynald responded by looting a caravan of pilgrims on the [[Hajj]] in 1185. According to the later [[13th century|thirteenth century]] ''Old French Continuation of William of Tyre'', Raynald captured Saladin's sister in a raid on a caravan, although this claim is not attested in contemporary sources, Muslim or Frankish, rather stating that Raynald had attacked a preceding caravan, and Saladin set guards to ensure the safety of his sister and her son, who came to no harm.


Following the failure of his Kerak sieges, Saladin temporarily turned his attention back to another long-term project and resumed attacks on the territory of ˤIzz ad-Dīn (Masˤūd ibn Mawdūd ibn Zangi), around [[Mosul]], which he had begun with some success in 1182. However, since then, Masˤūd had allied himself with the powerful governor of [[Azerbaijan]] and [[Jibal]], who in 1185 began moving his troops across the [[Zagros Mountains]], causing Saladin to hesitate in his attacks. The defenders of Mosul, when they became aware that help was on the way, increased their efforts, and Saladin subsequently fell ill, so in March 1186 a peace treaty was signed.<ref>C. Bosworth et al. [http://books.google.co.uk/books?id=PvwUAAAAIAAJ&pg=PA781&lpg=PA781&dq=%22Salah+al-Din%22+pahlavan+OR+pahlawan&source=web&ots=vLzdvFPf4b&sig=_3D6G6BCDM3V6Sg4siHpW_8SuG0&hl=en Encyclopaedia of Islam, page 781] Brill (1989) ISBN 9004092390, via Google Books accessed 2008-05-18</ref>
Speaking in 2007, the 30th anniversary of the CRA, [[Ben Bernanke]], Chair of the [[Federal Reserve System]] since 2006, stated that the high costs of gathering information, "may have created a 'first-mover' problem, in which each financial institution has an incentive to let one of its competitors be the first to enter an underserved market." Bernanke notes that at least in some instances, "the CRA has served as a catalyst, inducing banks to enter underserved markets that they might otherwise have ignored".<ref name="Bernanke"/>


In July 1187 Saladin captured most of the Kingdom of Jerusalem. On [[July 4]], [[1187]], he faced at the [[Battle of Hattin]] the combined forces of [[Guy of Lusignan]], [[King Consort]] of Jerusalem and [[Raymond III of Tripoli]]. In this battle alone the Crusader army was largely annihilated by the motivated army of Saladin in what was a major disaster for the Crusaders and a turning point in the history of the Crusades. Saladin captured Raynald de Chatillon and was personally responsible for his [[execution]] in retaliation for previously attacking Muslim pilgrim caravans.<ref>Runciman, Volume 2, Book 10, Chapter II<!-- Data from the German dtv Omnibus edition - replace/verify with English language edition if possible --></ref> Guy of Lusignan was also captured but his life was spared.
===Legislative changes 1989–1994===
The [[Financial Institutions Reform Recovery and Enforcement Act]] of 1989 ('''FIRREA''') was enacted by the 101st Congress and signed into law by [[President of the United States|President]] [[George H. W. Bush]] in the wake of the [[savings and loan crisis]] of the 1980s. As part of a general reform of the banking industry, it increased public oversight of the process of issuing CRA ratings to banks. It required the agencies to issue CRA ratings publicly and written performance evaluations using facts and data to support the agencies' conclusions. It also required a four-tiered CRA examination rating system with performance levels of 'Outstanding', 'Satisfactory', 'Needs to Improve', or 'Substantial Noncompliance'.<ref name="Braunstein"/>


That night, "with uncharacteristic coldbloodedness", Saladin ordered the execution of the "hundred or so" Templar and Hospitaller knights among the prisoners.<ref name=Hindley132>Hindley (2007), p. 132.</ref> Because of their religious "devotion and rigorous training", they were the "most feared" of the Christian soldiers.<ref name=Hindley132/> Seated on a dais before his army, Saladin watched as "the band of scholars, sufis and ascetics... carried out the ceremonial killing".However, historians continue to lack true evidence to support this. <ref name=Hindley132/>
According to [[Ben Bernanke]], this law greatly increased the ability of advocacy groups, researchers, and other analysts to "perform more-sophisticated, quantitative analyses of banks' records," thereby influencing the lending policies of banks. Over time, community groups and nonprofit organizations established "more-formalized and more-productive partnerships with banks."<ref name="Bernanke"/>
===Capture of Jerusalem===
Saladin had almost captured every Crusader city. [[Jerusalem]] capitulated to his forces on [[October 2]], [[1187]] after a [[Siege of Jerusalem (1187)|siege]]. Before the siege, Saladin had offered generous terms of surrender, which were rejected. After the siege had started, he was unwilling to promise terms of quarter to the European occupants of Jerusalem until [[Balian of Ibelin]] threatened to kill every Muslim hostage, estimated at 5000, and to destroy Islam’s holy shrines of the [[Dome of the Rock]] and the [[al-Aqsa Mosque]] if quarter was not given. Saladin consulted his council and these terms were accepted. Ransom was to be paid for each Frank in the city whether man, woman or child. Saladin allowed many to leave without having the required amount for ransom for others.<ref>Runciman <!-- This is on pages 762 (initial offer to surrender) and 764-766 (siege and capture), second chapter of book 10, of the German 1995 one-volume softcover edition (DTV). Page numbers and other details for a common English edition would be appreciated.. --></ref><ref>[http://books.google.com/books?id=7CP7fYghBFQC&pg=PA1101&dq=saladin+balian+jerusalem+siege+-wikipedia+-%22Kingdom+of+Heaven%22+destroy+temple+mount&sig=lu0RI7bOVMyPYmxqHXVUiaWTkkw E. J. Brill's First Encyclopaedia of Islam, 1913-1936]</ref>


[[Tyre (Lebanon)|Tyre]], on the coast of modern-day [[Lebanon]] was the last major Crusader city that was not captured by Muslim forces (strategically, it would have made more sense for Saladin to capture Tyre before Jerusalem--however, Saladin chose to pursue Jerusalem first because of the importance of the city to Islam). The city was now commanded by [[Conrad of Montferrat]], who strengthened Tyre's defences and withstood two sieges by Saladin. In 1188, at Tortosa, Saladin released Guy of Lusignan and returned him to his wife, Queen [[Sibylla of Jerusalem]]. They went first to Tripoli, then to [[Antioch]]. In 1189, they sought to reclaim Tyre for their kingdom, but were refused admission by Conrad, who did not recognize Guy as king. Guy then set about [[Siege of Acre|besieging Acre]].
In 1997, First Union Capital Markets and Bear, Stearns & Co launched the first publicly available [[Security (finance)| securitization]] of CRA loans, issuing $384.6 million of such securities.<ref>{{cite web |title=FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES |url=http://www.wachovia.com/inside/page/textonly/0,,134_307%5E306,00.html |publisher=First Union Corporation (Wachovia)}}</ref> These public offerings had so much appeal they were several times oversubscribed by money managers and insurance companies who were not buying them for CRA credit.<ref name="Westhoff">{{cite journal|last=Westhoff |first=Dale |date=1998-05-01 |title=Packaging CRA loans into securities.|journal=Mortgage Banking |issue=May 1998 |url=http://www.allbusiness.com/personal-finance/real-estate-mortgage-loans/677967-1.html|doi=10.1016/j.jhsb.2004.02.009|volume=29|pages=315}}</ref> Between 2000 and 2002 the [[government sponsored enterprise]] the Federal National Mortgage Association, commonly known as [[Fannie Mae]], securitized $394 billion in CRA loans with $20 billion going to securitized mortgages."<ref>[[Russell Roberts (economist)| Russell Roberts]], [http://online.wsj.com/article/SB122298982558700341.html "How Government Stoked the Mania"], [[Wall Street Journal]], October 3, 2008].</ref> In 2000, in order to expand the [[secondary market]] for affordable community-based mortgages and to increase liquidity for CRA-eligible loans, Fannie Mae committed to purchase and securitize $2 billion of "MyCommunityMortgage" loans.<ref>[http://www.csrwire.com/PressRelease.php?id=482 Fannie Mae Announces Pilot to Purchase $2 Billion of "MyCommunityMortgage" Loans; Pilot Lenders to Customize Affordable Products For Low- and Moderate-Income Borrowers], [http://www.csrwire.com/about Corporate Responsibility News], October 30, 2000.</ref><ref>[https://www.efanniemae.com/sf/mortgageproducts/mcm/ Fannie Mae "MyCommunityMortgage" homepage].</ref> In 2007 Ben Bernanke suggested further increasing the presence of Sallie Mae and [[Freddie Mac]] (the Federal Home Loan Mortgage Corporation which increases secondary markets) in the affordable housing market to help banks fulfill their CRA obligations by providing them with more opportunities to securitize CRA-related loans.<ref>Chairman Ben S. Bernanke, [http://www.federalreserve.gov/newsevents/speech/Bernanke20070306a.htm GSE Portfolios, Systemic Risk, and Affordable Housing], Speech before the Independent Community Bankers of America's Annual Convention and Techworld, Honolulu, Hawaii (via satellite), March 6, 2007.</ref>


===Third Crusade===
The [[Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994]] which repealed restrictions on interstate banking, listed the CRA ratings received by the out-of-State bank as a consideration when determining whether to allow interstate branches.<ref>[http://www.fdic.gov/regulations/laws/rules/6500-3500.html FDIC page on Riegle-neal Interstate Banking and Branching Efficiency Act of 1994, SEC. 109. 2 D]</ref> Bernanke explains that because of the subsequent surge in bank mergers and acquisitions activities, advocacy groups increasingly protested such bank applications on CRA grounds. Agencies began to hold public hearings to allow such comment. In response many institutions established separate business units and corporations to facilitate CRA-related lending. To expand and manage such CRA-related local and regional public-private partnerships and multibank loan consortia were formed and gained more prominence.<ref name="Bernanke"/>
Hattin and the fall of Jerusalem prompted the [[Third Crusade]], financed in England by a special "[[Saladin tithe]]". [[Richard I of England]] led Guy's siege of [[Acre, Israel|Acre]], conquered the city and executed 3000 Muslim prisoners including women and children. Saladin retaliated by killing all Franks captured from August 28 - September 10. Bahā' ad-Dīn writes, "Whilst we were there they brought two Franks to the Sultan (Saladin) who had been made prisoners by the advance guard. He had them beheaded on the spot."<ref>Bahā' al-Dīn (2002) pp 169-170</ref>


The armies of Saladin engaged in combat with the army of King [[Richard I of England]] at the [[Battle of Arsuf]] on [[September 7]], [[1191]], at which Saladin was defeated. All attempts made by Richard the Lionheart to re-take Jerusalem failed. However, Saladin's relationship with Richard was one of chivalrous mutual respect as well as military rivalry. When Richard became ill with fever, Saladin offered the services of his personal physician. Saladin also sent him fresh fruit with snow, to chill the drink, as treatment. At Arsuf, when Richard lost his horse, Saladin sent him two replacements. Richard suggested to Saladin that Palestine, Christian and Muslim, could be united through the marriage of his sister [[Joan of England, Queen of Sicily]] to Saladin's brother, and that Jerusalem could be their wedding gift.{{fact|date=September 2008}} However, the two men never met face to face and communication was either written or by messenger.
===Regulatory changes 1995===
In July 1993, President Clinton asked regulators to reform the CRA in order to reduce paperwork and reward performance. Robert Rubin, the Assistant to the President for Economic Policy, under President Clinton, explained that this was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities". Discussing the reasons for the Clinton administration's proposal to strengthen the CRA and further reduce red-lining, [[Lloyd Bentsen]], Secretary of the Treasury at that time, affirmed his belief that availability of credit should not depend on where a person lives, "The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live." Bentsen said that the proposed changes would "make it easier for lenders to show how they're complying with the Community Reinvestment Act", and "cut back a lot of the paperwork and the cost on small business loans".<ref name="PressBrief"/>


As leaders of their respective factions, the two men came to an agreement in the [[Treaty of Ramla]] in 1192, whereby Jerusalem would remain in Muslim hands but would be open to Christian [[pilgrimage]]s. The treaty reduced the Latin Kingdom to a strip along the coast from Tyre to [[Jaffa]]. This treaty was supposed to last three years.
The CRA regulations were substantially revised - using federal home-loan data broken down by neighborhood, income group, and race; encouraging community groups to complain to banks and regulators when banks did not meet their CRA obligations; allowing community groups that marketed loans to targeted groups to collect a fee from the banks just like other loan product marketers.<ref name="Braunstein"/> Information about banking institutions CRA ratings were made available via web page for public comment.<ref name="PressBrief"/>In May 1995, the Office of the [[Comptroller of the Currency]] also revised its regulations concerning CRA implementation. The new regulations allowed lenders subject to the CRA to claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of industrial sites when part of an effort to revitalize the low- and moderate-income community in which the site is located.<ref name="EPA">{{cite web|url=http://www.epa.gov/brownfields/html-doc/cra.htm |title=Community Reinvestment Act (CRA) Fact Sheet |publisher=EPA |accessdate=2008-10-06}}</ref>


==Death==
During March 1995 congressional hearings [[William A. Niskanen]], chair of the [[Cato Institute]], criticized the proposals for political favoritism in allocating credit and micromanagement by regulators, and that there was no assurance that banks would not be expected to operate at a loss. He predicted they would be very costly to the economy and banking system, and that the primary long term effect would be to contract the banking system. He recommended Congress repeal the Act.<ref>William A. Niskanen, [http://www.cato.org/testimony/ct-ni3-8.html Repeal the Community Reinvestment Act], Testimony of William A. Niskanen, Chairman Cato Institute before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Banking and Financial Services United States Senate, March 8, 1995.</ref>
Saladin died of a fever on [[March 4]], [[1193]], at [[Damascus]], not long after Richard's departure. Since Saladin had given most of his money away for charity when they opened his treasury they found there was not enough money to pay for his funeral.<ref>Bahā' al-Dīn (2002) pp 25 & 244.</ref> And so Saladin was buried in a magnificent [[mausoleum]] in the garden outside the [[Umayyad Mosque]] in [[Damascus]], [[Syria]]. Emperor [[William II, German Emperor|Wilhelm II]] of [[Germany]] donated a new [[marble]] [[sarcophagus]] to the mausoleum. Saladin was, however, not placed in it. Instead the mausoleum, which is open to visitors, now has two sarcophagi: one empty in marble and the original in which Saladin is placed, made of wood. The reason why he was placed in the tomb would most likely to have been as a result of respect, and not to disturb Saladin.


[[Image:Damascus-SaladinTomb.jpg|150px|thumb|The tomb of sultan Saladin near the northwestern corner of the Umayyad Mosque, [[Damascus]], [[Syria]].]]
Responding to concerns that the CRA would lower bank profitability, a 1997 research paper by economists at the Federal Reserve found that "[CRA] lenders active in lower-income neighborhoods and with lower-income borrowers appear to be as profitable as other mortgage-oriented commercial banks".<ref name="Canner ">{{cite journal|last=Canner |first=Glenn |coauthors=Wayne Passmore |date=1997|title=The Community Reinvestment Act and the profitability of mortgage-oriented banks|journal=Finance and Economics Discussion Series|publisher=Board of Governors of the Federal Reserve System|issue=1997-7|url=http://econpapers.repec.org/paper/fipfedgfe/1997-7.htm|accessdate=2008-10-01}}</ref> Speaking in 2007, Federal Reserve Chair Ben Bernanke noted that, "managers of financial institutions found that these loan portfolios, if properly underwritten and managed, could be profitable" and that the loans "usually did not involve disproportionately higher levels of default".<ref name="Bernanke"/>
==Recognition and legacy==
{{Quote box
| quote = It is equally true that his generosity, his piety, devoid of fanaticism, that flower of liberality and courtesy which had been the model of our old chroniclers, won him no less popularity in Frankish Syria than in the lands of Islam.
| source = ''René Grousset (writer)''<ref name="Grousset">Grousset (1970).</ref>
| width = 25em
| align =left
}}
Despite his fierce struggle against the crusades, Saladin achieved a great reputation in Europe as a [[Chivalry|chivalrous]] [[knight]], so much so that there existed by the fourteenth century an [[epic poem]] about his exploits, and [[Dante Alighieri|Dante]] included him among the virtuous [[paganism|pagan]] [[soul]]s in [[Limbo]]. Saladin appears in a sympathetic light in Sir [[Walter Scott]]'s ''The Talisman'' (1825). Despite the Crusaders' slaughter when they originally conquered Jerusalem in 1099, Saladin granted amnesty and free passage to all common [[Catholics]] and even to the defeated Christian army, as long as they were able to pay the aforementioned ransom (the [[Eastern Orthodox Church|Greek Orthodox]] Christians were treated even better, because they often opposed the western Crusaders). An interesting view of Saladin and the world in which he lived is provided by [[Tariq Ali]]'s novel ''The Book of Saladin''.<ref>(London: Verso, 1998)</ref>


Notwithstanding the differences in beliefs, the Muslim Saladin was respected by Christian lords, Richard especially. Richard once praised Saladin as a great prince, saying that he was without doubt the greatest and most powerful leader in the Islamic world.<ref>Lyons & Jackson (1982), pg 357.</ref> Saladin in turn stated that there was not a more honorable Christian lord than Richard. After the treaty, Saladin and Richard sent each other many gifts as tokens of respect, but never met face to face again.
According to a 2000 [[United States Department of the Treasury]] study of lending trends in 305 U.S. cities between 1993 and 1998, $467 billion in mortgage credit flowed from CRA-covered lenders to low- and medium-income borrowers. In that period, the total number of loans to poorer Americans by CRA-eligible institutions rose by 39% while loans to wealthier individuals by CRA-covered institutions rose by 17%. The share of total US lending to low and meduim income borrowers rose from 25% in 1993 to 28% in 1998 as a consequence. <ref>{{cite web |title= The Community Reinvestment Act After Financial Modernization |url= http://www.treas.gov/press/releases/reports/crareport.pdf|date=April 2000, pgs 16-17 |publisher=''[[United States Department of the Treasury]]''}}</ref>


In April 1191, a Frankish woman's three month old baby had been stolen from her camp and had been sold on the market. The Franks urged her to approach Saladin herself with her grievance. After Saladin used his own money to buy the child, "he gave it to the mother and she took it; with tears streaming down her face, and hugged it to her breast. The people were watching her and weeping and I (Ibn Shaddad) was standing amongst them. She suckled it for some time and then Saladin ordered a horse to be fetched for her and she went back to camp."<ref>Bahā' al-Dīn (2002), pp 147–148; Lyons & Jackson (1982), pp 325-326.</ref>
===Legislative changes 1999===
{{Quote box
| quote = A Knight without fear or blame who often had to teach his opponents the right way to practice chivalry.
| source = ''An inscription written by [[Wilhelm II of Germany|Kaiser Wilhelm II]] on a wreath he lay on Saladins Tomb''.<ref name="Grousset"/>
| width = 25em
| align =right
}}
[[Image:Dirham Saladin.jpg|thumb|left|100px|Saladin depicted on a [[Dirham]] coin (c. 1190)]]


The name ''Ṣalāḥ ad-Dīn'' means "Righteousness of Faith," and through the ages Saladin has been an inspiration for Muslims in many respects. Modern Muslim rulers have sought to commemorate Saladin through various measures. A [[Governorates of Iraq|governorate]] centered around Tikrit and [[Samarra]] in modern-day [[Iraq]], [[Salah ad Din Governorate]], is named after him, as is [[Salahaddin University]] in [[Arbil]]. A suburb community of [[Arbil]], Masif Salahaddin, is also named after him.
In 1999 the Congress enacted and President Clinton signed into law the [[Gramm-Leach-Bliley Act]], also known as the "Financial Services Modernization Act," which repealed the part of the [[Glass-Steagall Act]] prohibiting a bank from offering a full range of [[Investment bank|investment]], [[commercial bank]]ing, and [[insurance]] services. The bill was killed in 1998 because [[United States Senate|Senator]] [[Phil Gramm]] wanted the bill to expand the number of banks which no longer would be covered by the CRA. He also demanded full disclosure of any financial deals which community groups had with banks, accusing such groups of "extortion." In 1999 Senators [[Christopher Dodd]] and [[Charles E. Schumer]] broke another deadlock by forcing a compromise between Gramm and the Clinton administration which wanted to prevent banks from expanding into insurance or securities unless they were compliant with the CRA. In the final compromise, the CRA would cover bank expansions into new lines of business, community groups would have to disclose certain kinds of financial deals with banks, and smaller banks would be reviewed less frequently for CRA compliance.<ref>Stephen Labaton, [http://partners.nytimes.com/library/financial/102399banks-congress.html Issue in Depth: Leading Up to the Decision on Banking Reform], Washington Post, October 23, 1999.</ref><ref>[http://library.findlaw.com/1999/Nov/15/126633.html Findlaw.com, attorneys describe the 1999 Gramm-Leach-Bliley “Financial Services Modernization Act”].</ref><ref>[http://banking.senate.gov/conf/craamd.htm Financial Services Modernization Act, Community Reinvestment Act Amendments in the Gramm-Leach Act], [[United States Senate Committee on Banking, Housing, and Urban Affairs]], 1999.</ref> On signing the Gramm-Leach-Bliley Act, President Clinton said that it, "establishes the principles that, as we expand the powers of banks, we will expand the reach of the [Community Reinvestment] Act".<ref name="statement">[http://www.treas.gov/press/releases/ls241.htm Statement by President Bill Clinton at the Signing of the Financial Modernization Bill], U.S. Treasury Department Office of Public Affairs, November 12, 1999.</ref>


Few structures associated with Saladin survive within modern cities. Saladin first fortified the [[Cairo Citadel|Citadel of Cairo]] (1175 - 1183), which had been a domed pleasure pavilion with a fine view in more peaceful times. In Syria, even the smallest city is centred on a defensible [[citadel]], and Saladin introduced this essential feature to Egypt.
===Regulatory changes 2005–2008===
[[Image:Inside-Saladin-Tomb.jpg|150px|thumb|right|View of the interior of the tomb of Sultan Saladin]]
Among the forts he built was Qalaat al-Gindi, a mountaintop fortress and [[caravanserai]] in the [[Sinai Peninsula|Sinai]]. The fortress overlooks a large [[wadi]] which was the convergence of several caravan routes that linked Egypt and the Middle East. Inside the structure are a number of large vaulted rooms hewn out of rock, including the remains of shops and a water cistern. A notable archaeological site, it was investigated in 1909 by a French team under [[Jules Barthoux]].<ref name="Schreurs_Saladin">{{cite web | url = http://home.hetnet.nl/~lilian_jan_schreurs/news/saladin.htm | title = Saladin | accessdate = 2007-03-17 | last = Schreurs | first = J. | year = 2001 | month = February}}</ref>


The [[Ayyubid dynasty]] he founded continued fifty-seven years after his death. The legacy of Saladin within the [[Arab World]] continues to this day. With the rise of [[Arab nationalism]] in the Twentieth Century, particularly with regard to the [[Arab-Israeli conflict]], Saladin's heroism and leadership gained a new significance. The glory and comparative unity of the Arab World under Saladin was seen as the perfect symbol for the new unity sought by Arab nationalists, such as [[Gamal Abdel Nasser]]. For this reason, the [[Coat of arms of Egypt|Eagle of Saladin]] became the symbol of revolutionary Egypt, and was subsequently adopted by several other Arab states ([[Coat of arms of Iraq|Iraq]], [[Coat of arms of Palestine|Palestine]], and [[Coat of arms of Yemen|Yemen]]).
In 2002 there was an inter-agency review of the effectiveness of the 1995 regulatory changes to the Community Reinvestment Act and new proposals were considered.<ref name="Braunstein"/> In 2003, researchers at the Federal Reserve Bank of New York noted that dramatic changes in the financial services landscape had weakened the CRA, and that [in 2003] less than 30 percent of all home purchase loans were subject to intensive review under the CRA.<ref name="Apgar">{{cite journal|last=Apgar |first=William C. |coauthors=Mark Duda |date=June 2003 |title=The Twenty-Fifth Anniversary of the Community Reinvestment Act: Past Accomplishments and Future Regulatory Challenges |journal=FRBNY Economic Policy Review |publisher=Federal Reserve Bank of New York |issue=June 2003 |url=http://www.newyorkfed.org/research/epr/03v09n2/0306apga.pdf}}</ref>


In 1963 an Egyptian film about Saladin was directed by [[Youssef Chahine]] and was released, titled ''[[Al Nasser Salah Ad-Din (film)|Al Nasser Salah Ad-Din]]''. In the 1965 ''[[Doctor Who]]'' serial ''[[The Crusade (Doctor Who)|The Crusade]]'' he was played by [[Bernard Kay]]. [[2005 in film|2005]]'s ''[[Kingdom of Heaven (film)|Kingdom of Heaven]]'', directed by [[Ridley Scott]], has Saladin portrayed by Syrian actor [[Ghassan Massoud]]. In the [[2007 in film|2007]] [[Cinema of Sweden|Swedish film]] ''[[Arn – The Knight Templar]]'' (''Arn – Tempelriddaren''), Saladin is portrayed by the [[British Asian]] actor and supermodel [[Milind Soman]].
In early 2005, the Office of Thrift Supervision (OTS) implemented new rules that – among other changes – allowed thrifts with over $1 billion in assets to meet their CRA obligations without regard to services for, or investments in, their communities. In April 2005, a contingent of Democratic [[Congressmen]] issued a letter protesting these changes, saying they undercut the ability of the CRA to "meet the needs of low and moderate-income persons and communities".<ref name="CongressDemocrats">[http://financialservices.house.gov/pr04132005.html Press release and letter released by a contingent of "House Democrats"], April 13, 2005.</ref>


:<gallery>
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Controller of the Currency put a new set of regulations into effect in September 2005.<ref name="FDIC">[http://www.fdic.gov/news/news/financial/2006/fil06033.html FDIC Financial Institution Letters: Community Reinvestment Act Interagency Examination Procedures], April 10, 2006</ref> The regulations included less restrictive new definitions of "small" and "intermediate small" banks.<ref name="Bernanke"/> "Intermediate small banks" were defined as banks with assets of less than $1 billion, which allows these banks to opt for examination as either a small bank or a large bank.<ref name="FDIC"/> Currently banks with assets greater than $1.061 billion have their CRA performance evaluated according to lending, investment and service tests. The agencies use the Consumer Price Index to adjust the asset size thresholds for small and large institutions annually.<ref name="Braunstein"/>
Image:Coat of arms of Egypt.svg|The Eagle of Saladin as it appears in the [[Coat of arms of Egypt|Egyptian coat of arms]]
Image:Palestinian National Authority COA.svg|The Eagle of Saladin as it appears in the [[Coat of arms of Palestine|Palestinian coat of arms]]
Image:Coat of arms of Iraq.svg|The Eagle of Saladin as it appears in the [[Coat of arms of Iraq|Iraqi coat of arms]]
Image:Coat of arms of South Yemen.jpg|The Eagle of Saladin as it appeared in the [[Coat of arms of Yemen|South Yemen coat of arms]]
</gallery>


==See also==
On February 13, 2008 the [[United States House Committee on Financial Services]] held a hearing on the Community Reinvestment Act’s impact on the provision of loans, investments and services to under-served communities and its effectiveness. There were 15 witnesses from government and the private sector.<ref>[http://www.house.gov/apps/list/hearing/financialsvcs_dem/ht021308.shtml The Community Reinvestment Act: Thirty Years of Accomplishments, but Challenges Remain], [[United States House Committee on Financial Services]], February 13, 2008.</ref>
{{Commonscat|Saladin}}
* [[History of Arab Egypt]]
* [[Alvis Saladin]], a British [[armored car (military)|armoured car]] named after Saladin used by the [[British Army]] and others
*[[Nathan the Wise]]
*[[Saladin: The Animated Series]]


==Notes==
On April 15, 2008 an FDIC official told the committee that the FDIC was exploring offering incentives for banks to offer low-cost alternatives to payday loans. Doing so would allow them favorable consideration under their Community Reinvestment Act responsibilities. It had recently begun a two-year pilot project with an initial group of 31 banks.<ref>[http://www.fdic.gov/news/news/speeches/chairman/spapr1508.html Statement of Robert W. Mooney, Deputy Director, Division of Supervision and Consumer Protection, Federal Deposit Insurance Corporation on Financial Literacy and Education: The Effectiveness of Governmental and Private Sector Initiatives before the [[United States House Committee on Financial Services]], April 15, 2008.</ref>
{{reflist|2}}


==Controversies==
==References==
* {{aut|[[Baha ad-Din]] ibn Shaddad|Bahā' al-Dīn Ibn Shaddād}} (trans. Richards, D.S.) (2002). ''The Rare and Excellent History of Saladin''. Ashgate. ISBN 978-0-7546-3381-6
* {{aut|Bowman, Alan K.}} (1986). ''Egypt After the Pharaohs''.
* {{aut|Gabrieli, Francesco}} (trans. Costello, E.J.) (1984). ''Arab Historians of the Crusades''. Routledge & Kegan Paul. ISBN 978-0-710-20235-2
* {{aut|Gibb, H. A. R.}} (1973). ''The Life of Saladin: From the Works of Imad ad-Din and Baha ad-Din''. [[Clarendon Press]]. ISBN 978-0-86356-928-9
* {{aut|Gillingham, John}} (1999). "Richard I", ''Yale English Monarchs'', Yale University Press.
* {{aut|Grousset, Rene}} (1970). ''The Epic of the Crusades''. New York: Orion Press.
* {{aut|Hindley, Geoffrey}} (2007). ''Saladin: Hero of Islam''. Pen & Sword. ISBN 1-84415-499-8
* {{aut|[[Imad ad-Din al-Isfahani]]}} (ed. Landberg, C.). (1888). ''Conquête de la Syrie et de la Palestine par Salâh ed-dîn''. Brill.
* {{aut|Lane-Poole, Stanley.}} (1898). ''Saladin and the Fall of the Kingdom of Jerusalem'', Putnam.
* {{aut|Lyons, M. C. & Jackson, D. E. P.}} (1982) ''Saladin: the Politics of the Holy War''. [[Cambridge University Press]]. ISBN 978-0-521-31739-9
* {{aut|Minorsky, V.}} (1957). ''Studies in Caucasian history'', Cambridge University Press.
* {{aut|Reston, James}} (2001). ''Warriors of God: Richard the Lionhearted and Saladin in the Third Crusade''. New York: Anchor Books. ISBN 0-385-49562-5
* {{aut|Runciman, Steven.}} ''A History of the Crusades: Volume 2, The Kingdom of Jerusalem and the Frankish East''. Cambridge University Press.
* {{aut|Shahnaz Husain}} (1998) ''Muslim heroes of the Crusades'' ISBN 1-8979-4071-8


== External links ==
The effects of the Community Reinvestment Act on the housing markets are controversial for a variety of reasons.
*[http://www.shadowedrealm.com/articles/exclusive/article.php?id=17 Richard and Saladin: Warriors of the Third Crusade]

*[http://www.fh-augsburg.de/~harsch/Chronologia/Lspost12/Libellus/lib_expu.html#1 De expugnatione terrae sanctae per Saladinum] A European account of Saladin's conquests of the Crusader states. {{la icon}}
===Effectiveness===
{{start box}}
Economists and financial people writing a Federal Reserve report, including Jeffrey W. Gunther, who also wrote a report on CRA for the Cato Institute, have wondered if the CRA was - or at least had become - irrelevant, because it was not needed to force banks to make profitable loans to a variety of lenders.<ref>Jeffrey W. Gunther, [http://www.cato.org/pubs/regulation/regv23n3/gunther.pdf Should CRA Stand for “Community Redundancy Act”?], [[Cato Institute]]’s “Regulation Magazine”, Fall 2000.</ref><ref>Jeffery W. Gunther, Kelly Klemme, and Kenneth J. Robinson, [http://dallasfed.org/research/swe/1999/swe9903.html “Redlining or Red Herring?”], [[Federal Reserve Bank of Dallas]], “Southwest Economy, May/June 1999: 8.</ref> In a 2003 research paper, economists at the Federal Reserve could not find clear evidence that the CRA increased lending and home ownership more in low income neighborhoods than in higher income ones.<ref name="Avery">Robert B. Avery, Paul S. Calem, Glenn B. Canner, [http://www.federalreserve.gov/communityaffairs/national/CA_Conf_SusCommDev/pdf/cannerglen.pdf The Effects of the Community Reinvestment Act on Local Communities], Division of Research and Statistics, Board of Governors of the Federal Reserve System, March 20, 2003.</ref> A 2008 [[Competitive Enterprise Institute]] study resulted in a similar finding.<ref name="Minton">Michelle Minton, [http://cei.org/cei_files/fm/active/0/Michelle%20Minton%20-%20CRA%20-%20FINAL_WEB.pdf The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit], [[Competitive Enterprise Institute]], No. 132, March 20, 2008.</ref> Bernanke notes that at least in some instances, "the CRA has served as a catalyst, inducing banks to enter underserved markets that they might otherwise have ignored".<ref name="Bernanke"/>
{{s-reg|}}

{{succession box|title=[[List of rulers of Egypt|Sultan of Egypt]]|before=[[Al-'Āḍid]]<br><small>[[Fatimid|Fatimid Caliph of Egypt]]</small>|years=1171&ndash;1193|after=[[Al-Aziz Uthman]]}}
The Woodstock Institute, a Chicago-based policy and advocacy nonprofit, found in an analysis of 1996 Chicago-area survey data that low income areas still lagged behind in access to commercial loans. Most small business loans made by CRA regulated banks went to higher income areas; 16.6% in low-income areas, 18.4% in low- and moderate-income tracts; 21.8% in middle-income areas and 23.1% in upper-income areas.<ref name="Woodstock">{{cite journal|last=Immergluck|first=Daniel|coauthors=Erin Mullen|date=1997-10-11 |title=New Small Business Data Show Loans Going To Higher-Income Neighborhoods in Chicago Area |journal=Reinvestment Alert|publisher=Woodstock Institute |issue=11|url=http://www.woodstockinst.org/publications/download/reinvestment-alert-%2311%3a-new-small-business-data-show-loans-going-to-higher%11income-neighborhoods-in-chicago-area/|accessdate=2008-10-1}}</ref>
{{succession box|title=[[List of rulers of Damascus|Emir of Damascus]]|before=[[As-Salih Ismail al-Malik]]|years=1174&ndash;1186|after=[[Al-Afdal ibn Salah al-din]]}}

{{end box}}
In a 1998 paper, Alex Schwartz of the Fannie Mae Foundation found that CRA agreements were "consistently successful in meeting their goals for mortgages, investments in low-income housing tax credits, grant giving to community-based organizations, and in opening (and keeping open) inner-city bank branches."<ref name="SchwartzA">Schwartz, A., [http://www.innovations.harvard.edu/showdoc.html?id=3275 From confrontation to collaboration? Banks, community groups, and the implementation of community reinvestment agreements], [[Fannie Mae]], 3, pp. 631-662, 1998.</ref>

In a 2005 paper for the ''New York University Law Review'', [[University of Michigan]] law professor Michael S. Barr uses empirical evidence to demonstrate that the CRA had overcome market failures to increase access to credit for low-income, moderate-income, and minority borrowers at relatively low cost. He contends that the CRA is justified, has resulted in progress, and should be continued.<ref name="BarrNYU">{{cite journal|last=Barr |first=Michael S. |date=May 2005 |title=Credit Where it Counts: The Community Reinvestment Act and Its Critics |journal=New York University Law Review |volume=80 |pages=513 |url=http://papers.ssrn.com/sol3/papers.cfm?abstract_id=721661|accessdate=2008-10-06}}</ref>

Speaking to the February 2008 [[United States House Committee on Financial Services]] hearing on the Community Reinvestment Act, Sandra L. Thompson, Director of the Division of Supervision and Consumer Protection at the FDIC, lauded the positive impact of CRA, noting that, "studies have pointed to increases in lending to low- and moderate-income customers and minorities in the decades since the CRA's passage." She cited a study by the Joint Center for Housing Studies at Harvard University, that found that "data for 1993 through 2000 show home purchase lending to low- and moderate-income people living in low- and moderate-income neighborhoods grew by 94 percent – more than in any of the other income categories".<ref name="SandraThompson"/>

In his statement before the same hearing, New York University Professor of Economics Larry White stated that regulator efforts to “lean on “ banks in vauge and subjective ways to make loans is an “inappropriate instrument for achieving those goals.” In a world of national banking enterprises, these policies are more likely to drive institutions out of neighborhoods. He stated that better ways to accomplish the goals would be vigorous enforcement of anti-discrimination laws, of antitrust laws to promote competition, and federal funding of worthy projects directly through an "on-budget and transparent process" like the [[Community Development Financial Institutions Fund]].<ref>[http://www.house.gov/apps/list/hearing/financialsvcs_dem/white021308.pdf The Community Reinvestment Act: Thirty Years of Accomplishments, but Challenges Remain], Statement of Lawrence J. White before the [[United States House Committee on Financial Services]], February 13, 2008.</ref>

===Housing advocacy groups===
In an article for the [[New York Post]], economist Stan Liebowitz wrote that community activists intervention at yearly bank reviews resulted in their obtaining large amounts of money from banks, since poor reviews could lead to frustrated merger plans and even legal challenges by the Justice Department.<ref name="Liebowitz">Stan Liebowtiz, [http://www.nypost.com/seven/02052008/postopinion/opedcolumnists/the_real_scandal_243911.htm?page=0 The Real Scandal - How feds invited the mortgage mess], [[New York Post]], February 5, 2008</ref> Michelle Minton noted that [[Chase Manhattan]] and [[J.P. Morgan]] donated hundred of thousands of dollars to ACORN at about the same time they had were to apply for permission to merge and needed to comply with CRA regulations.<ref name="Minton"/>

According to the New York Times, some of these housing advocacy groups provided early warnings about the potential impact of lowered credit standards and the resulting unsupportable increase in real estate values they were causing in low to moderate income communities. Ballooning mortgages on rental properties threatened to require large rent increases from low and moderate income tenants that could ill afford them. <ref name = New York Times> [http://www.nytimes.com/2008/10/04/nyregion/04about.html?em] A Sickness in Wall St., Played out in the Bronx], [[New York Times]], October 3, 2008 </ref>

Housing advocacy groups were also leaders in the fight against subprime lending in low- and moderate-income communities, "In fact, community advocates had been telling the Federal Reserve about the dangers of subprime lending since the 1990s", according to Inner City Press. "For example, Bronx-based Fair Finance Watch commented to the Federal Reserve about the practices of now-defunct non-bank subprime lender New Century, when U.S. Bancorp bought warrants for 24% of New Century's stock. The Fed, rather than take any action on New Century, merely waited until U.S. Bancorp sold off some of the warrants, and then said the issue was moot." However, subprime loans were so profitable, that they were aggressively marketed in low-and moderate-income communities, even over the objections and warnings of housing advocacy groups like ACORN.<ref mame = Inner City Press> [http://www.innercitypress.com/cra1bailout092808.html] Subprime Stoked By Deregulation and Bipartisan Greed, not CRA, Community Reinvestment Act], Inner City Press, September 28, 2008 </ref>

===Predatory Housing Lending===
In 2002 Kathleen C. Engel and Patricia A. McCoy published a study of the predatory lending implications of the CRA, noting that by the late 1990s, predatory high cost mortgages to “gullible borrowers” were leading to foreclosures against low-income people of color and the elderly. They found evidence of such lending practices by CRA covered banks, both directly in their own lending and indirectly in buying other parties’ predatory loans as investments or to help them obtain CRA compliance credit. They criticized CRA regulators for not punishing such predatory lending and recommended changes to make it do so.<ref>Kathleen C. Engel and Patricia A. McCoy, [http://lsr.nellco.org/cgi/viewcontent.cgi?article=1029&context=uconn/ucwps The CRA Implications of Predatory Lending], Fordham Urban Law Journal, [http://law.fordham.edu/ihtml/page3g_nob.ihtml?imac=1264&pubID=400&articleid=1374 Volume XXIX, April 2002].</ref> Other analysts and community groups also complained about this problem in the early 1990s.<ref>Anne Kerttula, [http://findarticles.com/p/articles/mi_m0ITW/is_10_83/ai_n14896923/pg_1?tag=artBody;col1 Managing Fair Lending and CRA Risk], [http://www.rmahq.org/RMA/RMAUniverse/ProductsandServices/RMABookstore/RMAJournal/ RMA Journal], July, 2001.</ref><ref>[http://www.csrwire.com/PressRelease.php?id=3877Saving CRA: Last-Minute Push Launched to Oppose FED, FDIC, and OCC Plans to Water Down Community Reinvestment Act Rules for 1,500 Banks], [http://www.csrwire.com Corporate Social Responsibility News], May 5 2005.</ref>

The FDIC has tried to address this issue by "stopping abusive practices through the examination process and supervisory actions; encouraging banks to serve all members and areas of their communities fairly; and providing information and financial education to help consumers make informed choices". FDIC policy currently states that "predatory lending can have a negative effect on a bank's CRA performance."<ref>[http://www.fdic.gov/news/news/financial/2007/fil07006a.html Financial Institution Letters, FDIC's Supervisory Policy on Predatory Lending].</ref>

===Relation to 2008 financial crisis===
{{see also|Subprime mortgage crisis}}

In an article for the [[New York Post]], economist [[Stan Liebowitz]] wrote that during the 1990s the Federal Reserve promoted a loosening of lending standards throughout the banking industry despite warnings of default. Banks expanded flexible lending programs, like the one he writes was advertised by ACORN reading: "100 percent financing...no credit scores...undocumented income...even if you don't report it on your tax returns."<ref name="Liebowitz"/>

In a piece for [[CNN]], Congressman [[Ron Paul]], who serves on the [[United States House Committee on Financial Services]], partially attributed the current economic downturn to the Community Reinvestment Act, charging it with "forcing banks to lend to people who normally would be rejected as bad credit risks."<ref>{{cite news | url = http://www.cnn.com/2008/POLITICS/09/23/paul.bailout/index.html | title = Commentary: Bailouts will lead to rough economic ride | first = Ron | last = Paul | work = CNN | date = 2008-09-23 | accessdate = 2008-09-23 }}</ref>

Libertarian Jeffrey A Miron, a senior lecturer in economics at [[Harvard University]] and one of 166 academic economists who signed a letter to congressional leaders opposing the “bailout plan,” in an opinion piece for [[CNN]] called for “getting rid” of Fannie Mae and Freddie Mac, as well as policies like the Community Reinvestment Act that “pressure banks into subprime lending.”<ref>Jeffrey A. Miron, [http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html Commentary: Bankruptcy, not bailout, is the right answer], [[CNN]], September 29, 2008.</ref>

A [[Christian Science Monitor]] editorial mentions the Community Reinvestment Act and the government-backed Fannie Mae as being laws responsible for pushing banks and mortgage brokers into granting easy credit and subprime loans to those who could not afford them. The "bad" mortgages were bundled with good mortgages and “sold like bonds to investors in hopes they might not notice the flaws, or on the myth that government would never let housing prices fall.”<ref>Editorial Board,[http://www.csmonitor.com/2008/1008/p08s01-comv.html First, foreclose on market fears; The global financial crisis needs the hope that US mortgages are trustworthy], [[Christian Science Monitor]], October 8, 2008.</ref>

In an article for the [[Wall Street Journal]], [[Austrian school]] economist [[Russell Roberts]] wrote that politicians and policy makers created artificially high housing prices and artificially reduced the danger of extremely risky assets through requirements Fannie Mae buy ever increasing numbers of “special affordable” and often subprime loans, through strengthening CRA regulations and increasing bank loans to low- and moderate-income families, through creating a capital-gains exclusion for housing up to $500,000, and though the Federal Reserves’ unusually low interest policies.<ref>Russell Roberts, [http://online.wsj.com/article/SB122298982558700341.html "How Government Stoked the Mania]," Wall Street Journal, October 3, 2008].</ref>

In the February 2008 House hearing [[University of Michigan]] law professor Michael S. Barr, a Treasury Department official under President Bill Clinton,<ref>[http://www.brookings.edu/experts/b/barrm.aspx Description of Michael S. Barr, Nonresident Senior Fellow], [[Brookings Institute]].</ref><ref name="statement"/> stated that a Federal Reserve survey showed that affected institutions considered CRA loans profitable and not overly risky. He noted that approximately 50% of the subprime loans were made by independent mortgage companies that were not regulated by the CRA. Another 25% to 30% came from only partially CRA regulated bank subsidiaries and affiliates. He stated that institutions fully regulated by CRA made "perhaps" one in four sub-prime loans. Referring to CRA and abuses in the subprime market, Michael Barr stated that in his judgment "the worst and most widespread abuses occurred in the institutions with the least federal oversight". <ref name="Barr">{{cite web |title=Prepared Testimony of Michael S. Barr |url=http://www.house.gov/apps/list/hearing/financialsvcs_dem/barr021308.pdf |first=Michael |last=Barr |publisher=''[[United States House Committee on Financial Services]]''}}</ref>

Assistant Professor of Law Alan M. White<ref>[http://www.valpo.edu/law/faculty/awhite/ Alan M. White Valpariso University School of Law Faculty page]</ref> notes that some abuses blamed on CRA actually occurred because under the [[George W. Bush]] administration [[Housing and Urban Development]] and [[Office of Federal Housing Enterprise Oversight]] regulators allowed Fannie Mae and Freddie Mac to fulfill their affordable housing goals, which are not technically part of the CRA, by buying subprime mortgage-backed securities.<ref>Alan M. White, [http://pubcit.typepad.com/clpblog/2008/09/blaming-the-cra.html Blaming the CRA], [http://pubcit.typepad.com/clpblog/ Public Citizen’s Consumer Law and Policy blog], September 23, 2008.</ref>

In a [[Bank for International Settlements]] ("BIS") working paper, economist Luci Ellis concluded that "there is no evidence that the Community Reinvestment Act was responsible for encouraging the subprime lending boom and subsequent housing bust."<ref name="Ellis">{{cite journal|last=Ellis |first=Luci |title=The housing meltdown: Why did it happen in the United States? |journal=BIS Working Papers|issue=259|pages=5|url=http://www.bis.org/publ/work259.pdf?noframes=1}}</ref>

According to Janet L. Yellen, President of the Federal Reserve Bank of San Francisco, independent mortgage companies made "high-priced loans" at more than twice the rate of the banks and thrifts. She states that most CRA loans have been responsibly made, and are not the higher-priced loans that have contributed to the current crisis.<ref name="Yellen">{{cite web|url=http://www.frbsf.org/news/speeches/2008/0331.html|title=Opening Remarks to the 2008 National Interagency Community Reinvestment Conference|last=Janet L. Yellen|first=Janet L. Yellen|date=2008-3-31|publisher=Federal Reserve Bank of San Francisco|accessdate=2008-10-01}}</ref>

In 2008, Traiger & Hinckley LLP, a law firm that counsels financial services entities on CRA compliance, conducted a study of loans made by institutions covered under the CRA. The study found that CRA regulated institutions were less likely to make subprime loans, and when they did the interest rates were lower. CRA banks were also half as likely to resell the loans to other parties.<ref>Traiger & Hinckley LLP. (2008). [http://www.traigerlaw.com/publications/traiger_hinckley_llp_cra_foreclosure_study_1-7-08.pdf The Community Reinvestment Act: A Welcome Anomaly in the Foreclosure Crisis].</ref>

Ellen Seidman, former director of the US [[Office of Thrift Supervision]] during the Clinton administration, who works at the New America Foundation,<ref>[http://www.newamerica.net/people/ellen_seidman Ellen Seidmen, Financial Services Policy Director] at [[New America Foundation]] web site.</ref> has stated that the CRA did not have an effect on the [[United States housing bubble]].<ref name="Ellen Seidman">{{cite web|url=http://www.newamerica.net/blog/asset-building/2008/no-larry-cra-didn-t-cause-sub-prime-mess-3210|title=No, Larry, CRA Didn’t Cause the Sub-Prime Mess|last=Seidman |first=Ellen |date=2008-4-15|publisher=New America Foundation|accessdate=2008-09-29}}</ref> She noted that CRA banks were particularly warned to make responsible investments, and cited one of her own speeches as an example.<ref>Ellen Seidman, [http://www.newamerica.net/blog/asset-building/2008/its-still-not-cra-7222 It's Still Not CRA], Seidman blog at [[New America Foundation]], September 22, 2008.</ref>{{Verify credibility|date=October 2008}}

==References==
{{reflist|2}}


[[Category:1130s births]]
==External links==
[[Category:1193 deaths]]
* [http://www.fdic.gov/regulations/laws/rules/6500-2515.html FDIC Law, Regulations, Related Acts section 6500 Consumer Protection]
[[Category:Ayyubid dynasty]]
* [http://www.ffiec.gov Federal Financial Institutions Examination Council], contains detailed information on the CRA and its implementing regulations
[[Category:Muslim generals]]
* [http://edocket.access.gpo.gov/2004/pdf/04-18863.pdf Overview of the Community Reinvestment Act from the Federal Register].
[[Category:Crusades]]
* [http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=104_cong_public_laws&docid=f:publ29.pdf Truth in Lending Acts Amendments of 1995].
[[Category:Crusade people (Muslims)]]
* [http://frwebgate4.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=748028138555+0+0+0&WAISaction=retrieve 2000 edition of the 12 USC 2901] after changes were made in during the Clinton era. Use this to compare to the [http://frwebgate6.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=748145175295+0+0+0&WAISaction=retrieve present version of the code].{{Dead link|date=October 2008}}
[[Category:History of Iraq]]
* George Benston, [http://www.cato.org/pub_display.php?pub_id=1213 The Community Reinvestment Act: Looking for Discrimination That Isn't There], [[Cato Institute]] Policy Analysis No. 354, October 6, 1999.
[[Category:Sultans of Egypt]]
*Seidman, E., [http://www.allbusiness.com/personal-finance/real-estate-mortgage-loans/391547-1.html "CRA in the 21st century"], originally published in "Mortage banking," Washington, DC, October 1, 1999.
[[Category:History of Damascus]]
* Steven A. Holmes, [http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&scp=1&sq=september%2030%201999&st=cse Fannie Mae Eases Credit To Aid Mortgage Lending], [[New York Times]], 30 Sept 1999
[[Category:Turkish Muslims]]
* [http://www.dollarsandsense.org/archives/1997/1197campen.html The Community Reinvestment Act] by economist Jim Campen, [[Dollars & Sense]], Nov/Dec 1997.
[[Category:History of Turkey]]
* [http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinv.html Community Reinvestment Act had nothing to do with subprime crisis] by Aaron Pressman, [[BusinessWeek]], September 29, 2008
{{Link FA|ur}}
* [http://www.slate.com/id/2201641 Subprime Suspects] by Daniel Gross in [[Slate]], October 7, 2008


[[Category:1977 in law]]
[[als:Saladin]]
[[ar:صلاح الدين الأيوبي]]
[[Category:United States federal banking legislation]]
[[ast:Saladín]]
[[Category:United States housing bubble]]
[[az:Səlahəddin Əyyubi]]
[[Category:Mortgage industry of the United States]]
[[bs:Saladin]]
[[br:Saladin]]
[[bg:Салах ад Дин]]
[[ca:Saladí]]
[[cs:Saladin]]
[[cy:Saladin]]
[[da:Saladin]]
[[de:Saladin]]
[[el:Σαλαντίν]]
[[es:Saladino]]
[[eo:Saladino]]
[[eu:Saladin]]
[[fa:صلاح‌الدین ایوبی]]
[[fr:Saladin]]
[[ga:Saladin]]
[[gl:Saladino]]
[[ko:살라흐 앗 딘]]
[[hi:सलाउद्दीन]]
[[hr:Saladin]]
[[id:Salahuddin Ayyubi]]
[[is:Saladín]]
[[it:Saladino]]
[[he:צלאח א-דין]]
[[ka:სალადინი]]
[[sw:Salah ad-Din]]
[[ku:Silhedînê Eyûbî]]
[[la:Saladinus]]
[[lv:Saladīns]]
[[lt:Saladinas]]
[[li:Saladin]]
[[hu:Szaladin]]
[[mk:Саладин]]
[[ml:സലാദിന്‍]]
[[ms:Salahuddin al-Ayyubi]]
[[nl:Saladin]]
[[new:सलादिन]]
[[ja:サラーフッディーン]]
[[no:Saladin]]
[[nn:Saladin]]
[[pl:Saladyn]]
[[pt:Saladino]]
[[ro:Saladin]]
[[ru:Салах ад-Дин]]
[[sa:सलादीन]]
[[scn:Saladinu]]
[[simple:Saladin]]
[[sk:Saladin]]
[[sl:Saladin]]
[[sr:Саладин]]
[[sh:Saladin]]
[[fi:Saladin]]
[[sv:Saladin]]
[[kab:Salaḥ Ddin]]
[[te:సలాహుద్దీన్ అయ్యూబీ]]
[[th:ศอลาฮุดดีน]]
[[vi:Saladin]]
[[tr:Selahaddin Eyyubi]]
[[uk:Салах ад-Дін]]
[[ur:صلاح الدین ایوبی]]
[[bat-smg:Saladėns]]
[[zh:萨拉丁]]

Revision as of 18:59, 13 October 2008

Ṣalāḥ ad-Dīn Yūsuf ibn Ayyūb
Sultan of Egypt and Syria
caption
Artistic representation of Saladin
Reign1174–1193
Coronation1174
PredecessorNur ad-Din
SuccessorAl-ˤAzīz ˤUthmān
Burial
Names
Ṣalāḥ ad-Dīn Yūsuf ibn Ayyūb
DynastyAyyubid
FatherNajm ad-Dīn Ayyūb

Salahadin Ayyubi (Arabic:صلاح الدين يوسف بن أيوب; ; Turkish Selahaddin Eyyubi c. 1138 - March 4, 1193), better known as Saladin in medieval Europe, was a Sultan of Egypt and Syria. He was a Turkish Muslim and led the Islamic opposition to the Third Crusade. At the height of his power, the Ayyubid dynasty he founded, ruled over Egypt, Syria, Iraq, Hejaz, and Yemen. He led Muslim resistance to the European Crusaders and eventually recaptured Palestine from the Crusader Kingdom of Jerusalem. As such, he is a notable figure in Arab, Turkish, and Muslim culture. Saladin was a strict practitioner of Sunni Islam. He did not maim, kill or retaliate against those whom he defeated,[1][2] with the notable exception of certain events following the Battle of Hattin. His generally chivalrous behaviour was noted by Christian chroniclers, especially in the accounts of the siege of Krak in Moab.

Early life

Saladin was born Yūsuf Ṣalāḥ ad-Dīn ibn Ayyūb from a predominantly Turkishbackground and ancestry.[3] His family lived in Tikrit, in what is now Iraq, where he was born during the Islamic world's Golden Age Najm ad-Dīn Ayyūb, was banned from Tikrit and moved to Mosul where he met Imād ad-Din Zengi, the Turkish atabeg or regent of Mosul at the time who was also the founder of the Zengid dynasty, who was leading Muslim forces against the Crusaders in Edessa.[citation needed] Imād ad-Din Zengi appointed Najm ad-Din as the commander of his fortress in Baalbek.[4] After the death of Imād ad-Din Zengi in 1146, his son, Nūr ad-Dīn, became the regent of Mosul.[4] Saladin received his name from Nūr ad-Dīn and was sent to Damascus to continue his education and this was where he also completed his educational studies.[5][6] Several sources claim that during his studies he was more interested in religion than joining the military.[4] Another factor which may have affected his interest in religion was that during the First Crusade Jerusalem was taken by force from the Christians by surprise when the Islamic world had done nothing to start the offensive.[4][1] The Muslim culture and the city was pillaged and much of their culture lay in ruins for at least one hundred and four years.[1] Saladin later rebelled against the Christian-held Jerusalem and won back the city.[6][1]

Sultan

Egyptian

Saladin, King of Egypt from a 15th century illuminated manuscript; the globus in his left hand is a European symbol of kingly power.

His career in the military began when his uncle Asad al-Dīn Shīrkūh, or simply named Shirkuh, started training him. Shirkuh was an important military commander under the emir Nūr al-Dīn, who was the son and successor of Zangī. During three military expeditions led by Shīrkūh into Egypt to prevent its falling to the Latin Christian Crusaders who already ruled Jerusalem. Amalric I, the king of Jerusalem; Shāwar, the powerful vizier of the Egyptian Fāṭimid caliph; and Shīrkūh formed a struggle. After Shīrkūh's death and after ordering Shāwar's assassination, Saladin, in 1169 was appointed both commander of the Syrian troops in Egypt and vizier of the Fāṭimid caliph there. Saladin was only 31 when he received the position in the military and tried to finish much of his uncle's work. His relatively quick rise to power was due to the fact he had come from Turkish background and is cited as having many talents including being an effective and efficient military leader. He became from then onwards a Sultan of Egypt and his clear demonstration of being an efficient leader quickly built up his reputation of a great leader, although he had received the title of king, many had referred to him as the Sultan of Egypt. The founding of the Ayyubid dynasty and restoring Sunni Islam in Egypt is all credited to Saladin.[2] He expanded his territory westwards in the Maghreb and when his uncle was sent up the Nile to pacify some resistance of the former Fatimid supporters, he continued on down the Red Sea to conquer Yemen.[2]

Saladin's position was further enhanced when, in 1171, he abolished the ineffective Shīʿite Fāṭimid caliphate, and lead a return to Sunni Islam in Egypt.[2] When the caliph died in 1171, Saladin had the ˤulamā' pronounce the name of al-Mustadi, the Sunni - and, more importantly, Abbassid - caliph in Baghdad at sermon before Friday prayers; by their authority, they simply deposed the old line. Saladin ruled Egypt, but officially as the representative of the Turkish Seljuk ruler Nūr ad-Dīn, who himself conventionally recognized the Abbassid caliph.[5] Although he remained for a time a vassal of Nūr al-Dīn, the relationship he had had ended with the Syrian's death in 1174.[4] Saladin quickly used the emir's rich agricultural possessions in Egypt as a financial base, Saladin soon moved into Syria bringing with him a strictly disciplined army to claim the regency on behalf of the young son of his former suzerain, however the army he brought was small. Soon, however, he abandoned this claim, and from 1174 until 1186 he rigorously pursued a goal of uniting all the Muslim territories of Syria, northern Iraq, Palestine, and Egypt.[2] Saladin is credited to have revitalized the economy of Egypt, reorganized the military forces and, following his father's advice, stayed away from any conflicts with Nur ad-Din, his formal lord, after he had become the real ruler of Egypt.[5] He waited until Nūr ad-Dīn's death before starting serious military actions, at first against smaller Muslim states, then directing them against the Crusaders. Sources such as Encyclopaedia Britannica are quoted as explaining Saladins techniques in warfare and his attitudes to the conquered:

This he accomplished by skillful diplomacy backed when necessary by the swift and resolute use of military force. Gradually his reputation grew as a generous and virtuous but firm ruler, devoid of pretense, licentiousness, and cruelty. In contrast to the bitter dissension and intense rivalry that had up to then hampered the Muslims in their resistance to the Crusaders, Saladin's singleness of purpose induced them to re-arm both physically and spiritually.[2]

Syrian

On two occasions, in 1170 and 1172, Saladin retreated from an invasion of the Kingdom of Jerusalem. These had been launched by Nūr ad-Dīn and Saladin hoped that the Crusader kingdom would remain intact, as a buffer state between Egypt and Syria, until Saladin could gain control of Syria as well. Nūr ad-Dīn and Saladin were headed towards open war on these counts when Nūr ad-Dīn died in 1174. Nūr ad-Dīn's heir, as-Salih Ismail al-Malik, was a mere boy in the hands of court eunuchs, and died in 1181.

Immediately after Nūr ad-Dīn's death, Saladin marched on Damascus and was welcomed into the city. He reinforced his legitimacy there in the time-honored way, by marrying Nūr ad-Dīn's widow Ismat ad-Din Khatun. Aleppo and Mosul, on the other hand, the two other largest cities that Nūr ad-Dīn had ruled, were never taken but Saladin managed to impose his influence and authority on them in 1176 and 1186 respectively. While he was occupied in besieging Aleppo, on May 22, 1176, the shadowy Ismaili assassin group, the Hashshashin, attempted to murder him. They made two attempts on his life, the second time coming close enough to inflict wounds.

While Saladin was consolidating his power in Syria, he usually left the Crusader kingdom alone, although he was generally victorious whenever he did meet the Crusaders in battle. One exception was the Battle of Montgisard on November 25, 1177. He was defeated by the combined forces of Baldwin IV of Jerusalem, Raynald of Chatillon and the Knights Templar. Only one tenth of his army made it back to Egypt.

Crusades

File:Saladinstatue.JPG
The statue of Saladin at the entrance of the citadel in Damascus.

Saladin spent the subsequent year recovering from his defeat and rebuilding his army, renewing his attacks in 1179 when he defeated the Crusaders at the Battle of Jacob's Ford.[7] after which a truce was declared between Saladin and the Crusader States in 1180.[citation needed] However, Crusader counter-attacks provoked further responses by Saladin. Raynald of Chatillon, in particular, harassed Muslim trading and pilgrimage routes with a fleet on the Red Sea, a water route that Saladin needed to keep open. In response, Saladin built a fleet of 30 galleys to attack Beirut in 1182. Raynald threatened to attack the holy cities of Mecca and Medina. In retaliation, Saladin twice besieged Kerak, Raynald's fortress in Oultrejordain, in 1183 and 1184. Raynald responded by looting a caravan of pilgrims on the Hajj in 1185. According to the later thirteenth century Old French Continuation of William of Tyre, Raynald captured Saladin's sister in a raid on a caravan, although this claim is not attested in contemporary sources, Muslim or Frankish, rather stating that Raynald had attacked a preceding caravan, and Saladin set guards to ensure the safety of his sister and her son, who came to no harm.

Following the failure of his Kerak sieges, Saladin temporarily turned his attention back to another long-term project and resumed attacks on the territory of ˤIzz ad-Dīn (Masˤūd ibn Mawdūd ibn Zangi), around Mosul, which he had begun with some success in 1182. However, since then, Masˤūd had allied himself with the powerful governor of Azerbaijan and Jibal, who in 1185 began moving his troops across the Zagros Mountains, causing Saladin to hesitate in his attacks. The defenders of Mosul, when they became aware that help was on the way, increased their efforts, and Saladin subsequently fell ill, so in March 1186 a peace treaty was signed.[8]

In July 1187 Saladin captured most of the Kingdom of Jerusalem. On July 4, 1187, he faced at the Battle of Hattin the combined forces of Guy of Lusignan, King Consort of Jerusalem and Raymond III of Tripoli. In this battle alone the Crusader army was largely annihilated by the motivated army of Saladin in what was a major disaster for the Crusaders and a turning point in the history of the Crusades. Saladin captured Raynald de Chatillon and was personally responsible for his execution in retaliation for previously attacking Muslim pilgrim caravans.[9] Guy of Lusignan was also captured but his life was spared.

That night, "with uncharacteristic coldbloodedness", Saladin ordered the execution of the "hundred or so" Templar and Hospitaller knights among the prisoners.[10] Because of their religious "devotion and rigorous training", they were the "most feared" of the Christian soldiers.[10] Seated on a dais before his army, Saladin watched as "the band of scholars, sufis and ascetics... carried out the ceremonial killing".However, historians continue to lack true evidence to support this. [10]

Capture of Jerusalem

Saladin had almost captured every Crusader city. Jerusalem capitulated to his forces on October 2, 1187 after a siege. Before the siege, Saladin had offered generous terms of surrender, which were rejected. After the siege had started, he was unwilling to promise terms of quarter to the European occupants of Jerusalem until Balian of Ibelin threatened to kill every Muslim hostage, estimated at 5000, and to destroy Islam’s holy shrines of the Dome of the Rock and the al-Aqsa Mosque if quarter was not given. Saladin consulted his council and these terms were accepted. Ransom was to be paid for each Frank in the city whether man, woman or child. Saladin allowed many to leave without having the required amount for ransom for others.[11][12]

Tyre, on the coast of modern-day Lebanon was the last major Crusader city that was not captured by Muslim forces (strategically, it would have made more sense for Saladin to capture Tyre before Jerusalem--however, Saladin chose to pursue Jerusalem first because of the importance of the city to Islam). The city was now commanded by Conrad of Montferrat, who strengthened Tyre's defences and withstood two sieges by Saladin. In 1188, at Tortosa, Saladin released Guy of Lusignan and returned him to his wife, Queen Sibylla of Jerusalem. They went first to Tripoli, then to Antioch. In 1189, they sought to reclaim Tyre for their kingdom, but were refused admission by Conrad, who did not recognize Guy as king. Guy then set about besieging Acre.

Third Crusade

Hattin and the fall of Jerusalem prompted the Third Crusade, financed in England by a special "Saladin tithe". Richard I of England led Guy's siege of Acre, conquered the city and executed 3000 Muslim prisoners including women and children. Saladin retaliated by killing all Franks captured from August 28 - September 10. Bahā' ad-Dīn writes, "Whilst we were there they brought two Franks to the Sultan (Saladin) who had been made prisoners by the advance guard. He had them beheaded on the spot."[13]

The armies of Saladin engaged in combat with the army of King Richard I of England at the Battle of Arsuf on September 7, 1191, at which Saladin was defeated. All attempts made by Richard the Lionheart to re-take Jerusalem failed. However, Saladin's relationship with Richard was one of chivalrous mutual respect as well as military rivalry. When Richard became ill with fever, Saladin offered the services of his personal physician. Saladin also sent him fresh fruit with snow, to chill the drink, as treatment. At Arsuf, when Richard lost his horse, Saladin sent him two replacements. Richard suggested to Saladin that Palestine, Christian and Muslim, could be united through the marriage of his sister Joan of England, Queen of Sicily to Saladin's brother, and that Jerusalem could be their wedding gift.[citation needed] However, the two men never met face to face and communication was either written or by messenger.

As leaders of their respective factions, the two men came to an agreement in the Treaty of Ramla in 1192, whereby Jerusalem would remain in Muslim hands but would be open to Christian pilgrimages. The treaty reduced the Latin Kingdom to a strip along the coast from Tyre to Jaffa. This treaty was supposed to last three years.

Death

Saladin died of a fever on March 4, 1193, at Damascus, not long after Richard's departure. Since Saladin had given most of his money away for charity when they opened his treasury they found there was not enough money to pay for his funeral.[14] And so Saladin was buried in a magnificent mausoleum in the garden outside the Umayyad Mosque in Damascus, Syria. Emperor Wilhelm II of Germany donated a new marble sarcophagus to the mausoleum. Saladin was, however, not placed in it. Instead the mausoleum, which is open to visitors, now has two sarcophagi: one empty in marble and the original in which Saladin is placed, made of wood. The reason why he was placed in the tomb would most likely to have been as a result of respect, and not to disturb Saladin.

The tomb of sultan Saladin near the northwestern corner of the Umayyad Mosque, Damascus, Syria.

Recognition and legacy

It is equally true that his generosity, his piety, devoid of fanaticism, that flower of liberality and courtesy which had been the model of our old chroniclers, won him no less popularity in Frankish Syria than in the lands of Islam.

René Grousset (writer)[15]

Despite his fierce struggle against the crusades, Saladin achieved a great reputation in Europe as a chivalrous knight, so much so that there existed by the fourteenth century an epic poem about his exploits, and Dante included him among the virtuous pagan souls in Limbo. Saladin appears in a sympathetic light in Sir Walter Scott's The Talisman (1825). Despite the Crusaders' slaughter when they originally conquered Jerusalem in 1099, Saladin granted amnesty and free passage to all common Catholics and even to the defeated Christian army, as long as they were able to pay the aforementioned ransom (the Greek Orthodox Christians were treated even better, because they often opposed the western Crusaders). An interesting view of Saladin and the world in which he lived is provided by Tariq Ali's novel The Book of Saladin.[16]

Notwithstanding the differences in beliefs, the Muslim Saladin was respected by Christian lords, Richard especially. Richard once praised Saladin as a great prince, saying that he was without doubt the greatest and most powerful leader in the Islamic world.[17] Saladin in turn stated that there was not a more honorable Christian lord than Richard. After the treaty, Saladin and Richard sent each other many gifts as tokens of respect, but never met face to face again.

In April 1191, a Frankish woman's three month old baby had been stolen from her camp and had been sold on the market. The Franks urged her to approach Saladin herself with her grievance. After Saladin used his own money to buy the child, "he gave it to the mother and she took it; with tears streaming down her face, and hugged it to her breast. The people were watching her and weeping and I (Ibn Shaddad) was standing amongst them. She suckled it for some time and then Saladin ordered a horse to be fetched for her and she went back to camp."[18]

A Knight without fear or blame who often had to teach his opponents the right way to practice chivalry.

An inscription written by Kaiser Wilhelm II on a wreath he lay on Saladins Tomb.[15]

Saladin depicted on a Dirham coin (c. 1190)

The name Ṣalāḥ ad-Dīn means "Righteousness of Faith," and through the ages Saladin has been an inspiration for Muslims in many respects. Modern Muslim rulers have sought to commemorate Saladin through various measures. A governorate centered around Tikrit and Samarra in modern-day Iraq, Salah ad Din Governorate, is named after him, as is Salahaddin University in Arbil. A suburb community of Arbil, Masif Salahaddin, is also named after him.

Few structures associated with Saladin survive within modern cities. Saladin first fortified the Citadel of Cairo (1175 - 1183), which had been a domed pleasure pavilion with a fine view in more peaceful times. In Syria, even the smallest city is centred on a defensible citadel, and Saladin introduced this essential feature to Egypt.

View of the interior of the tomb of Sultan Saladin

Among the forts he built was Qalaat al-Gindi, a mountaintop fortress and caravanserai in the Sinai. The fortress overlooks a large wadi which was the convergence of several caravan routes that linked Egypt and the Middle East. Inside the structure are a number of large vaulted rooms hewn out of rock, including the remains of shops and a water cistern. A notable archaeological site, it was investigated in 1909 by a French team under Jules Barthoux.[19]

The Ayyubid dynasty he founded continued fifty-seven years after his death. The legacy of Saladin within the Arab World continues to this day. With the rise of Arab nationalism in the Twentieth Century, particularly with regard to the Arab-Israeli conflict, Saladin's heroism and leadership gained a new significance. The glory and comparative unity of the Arab World under Saladin was seen as the perfect symbol for the new unity sought by Arab nationalists, such as Gamal Abdel Nasser. For this reason, the Eagle of Saladin became the symbol of revolutionary Egypt, and was subsequently adopted by several other Arab states (Iraq, Palestine, and Yemen).

In 1963 an Egyptian film about Saladin was directed by Youssef Chahine and was released, titled Al Nasser Salah Ad-Din. In the 1965 Doctor Who serial The Crusade he was played by Bernard Kay. 2005's Kingdom of Heaven, directed by Ridley Scott, has Saladin portrayed by Syrian actor Ghassan Massoud. In the 2007 Swedish film Arn – The Knight Templar (Arn – Tempelriddaren), Saladin is portrayed by the British Asian actor and supermodel Milind Soman.

  • The Eagle of Saladin as it appears in the Egyptian coat of arms
    The Eagle of Saladin as it appears in the Egyptian coat of arms
  • The Eagle of Saladin as it appears in the Palestinian coat of arms
  • The Eagle of Saladin as it appears in the Iraqi coat of arms
    The Eagle of Saladin as it appears in the Iraqi coat of arms
  • The Eagle of Saladin as it appeared in the South Yemen coat of arms
  • See also

    Notes

    1. ^ a b c d "Islam: Empire of Faith". IMDB. Retrieved 2008-08-20.
    2. ^ a b c d e f Encyclopaedia Britannica. {{cite book}}: |first= missing |last= (help)CS1 maint: numeric names: authors list (link)
    3. ^ "Encyclopedia of World Biography on Saladin". Retrieved 2008-08-20.
    4. ^ a b c d e "Who2 Biography: Saladin, Sultan / Military Leader". Answers.com. Retrieved 2008-08-20.
    5. ^ a b c Reston (2001), pp 3–8.
    6. ^ a b "Saladins short biography from Middle-ages.org". Retrieved 2008-08-20.
    7. ^ also Baytu l-Ahazon
    8. ^ C. Bosworth et al. Encyclopaedia of Islam, page 781 Brill (1989) ISBN 9004092390, via Google Books accessed 2008-05-18
    9. ^ Runciman, Volume 2, Book 10, Chapter II
    10. ^ a b c Hindley (2007), p. 132.
    11. ^ Runciman
    12. ^ E. J. Brill's First Encyclopaedia of Islam, 1913-1936
    13. ^ Bahā' al-Dīn (2002) pp 169-170
    14. ^ Bahā' al-Dīn (2002) pp 25 & 244.
    15. ^ a b Grousset (1970).
    16. ^ (London: Verso, 1998)
    17. ^ Lyons & Jackson (1982), pg 357.
    18. ^ Bahā' al-Dīn (2002), pp 147–148; Lyons & Jackson (1982), pp 325-326.
    19. ^ Schreurs, J. (2001). "Saladin". Retrieved 2007-03-17. {{cite web}}: Unknown parameter |month= ignored (help)

    References

    • Baha ad-Din ibn Shaddad (trans. Richards, D.S.) (2002). The Rare and Excellent History of Saladin. Ashgate. ISBN 978-0-7546-3381-6
    • Bowman, Alan K. (1986). Egypt After the Pharaohs.
    • Gabrieli, Francesco (trans. Costello, E.J.) (1984). Arab Historians of the Crusades. Routledge & Kegan Paul. ISBN 978-0-710-20235-2
    • Gibb, H. A. R. (1973). The Life of Saladin: From the Works of Imad ad-Din and Baha ad-Din. Clarendon Press. ISBN 978-0-86356-928-9
    • Gillingham, John (1999). "Richard I", Yale English Monarchs, Yale University Press.
    • Grousset, Rene (1970). The Epic of the Crusades. New York: Orion Press.
    • Hindley, Geoffrey (2007). Saladin: Hero of Islam. Pen & Sword. ISBN 1-84415-499-8
    • Imad ad-Din al-Isfahani (ed. Landberg, C.). (1888). Conquête de la Syrie et de la Palestine par Salâh ed-dîn. Brill.
    • Lane-Poole, Stanley. (1898). Saladin and the Fall of the Kingdom of Jerusalem, Putnam.
    • Lyons, M. C. & Jackson, D. E. P. (1982) Saladin: the Politics of the Holy War. Cambridge University Press. ISBN 978-0-521-31739-9
    • Minorsky, V. (1957). Studies in Caucasian history, Cambridge University Press.
    • Reston, James (2001). Warriors of God: Richard the Lionhearted and Saladin in the Third Crusade. New York: Anchor Books. ISBN 0-385-49562-5
    • Runciman, Steven. A History of the Crusades: Volume 2, The Kingdom of Jerusalem and the Frankish East. Cambridge University Press.
    • Shahnaz Husain (1998) Muslim heroes of the Crusades ISBN 1-8979-4071-8

    External links

    Regnal titles
    Preceded by Sultan of Egypt
    1171–1193
    Succeeded by
    Preceded by Emir of Damascus
    1174–1186
    Succeeded by

    Template:Link FA