Federal Reserve officials met last night with New York City residents to learn how the subprime mortgage crisis has affected city homeowners. Of particular concern during the meeting was the Community Reinvestment Act, which residents say does not adequately protect borrowers from predatory lenders. Residents told the visiting Fed members that an overhaul of the program is necessary to protect borrowers, particularly in low-income regions, where the rate of home foreclosures is particularly high. Like other homeowner advocates, James Lewis, program director at Changer, a non-profit group aimed at helping homeowners, said that predatory lenders often target low-income regions, especially in New York City.