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Dubious connection................................

February 25 2012 at 1:41 PM
Mike Dassele  (Select Login MidwayJunkie)
HyperScale Forums
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Response to Ever heard of the Community Reinvestment Act of 1977? nt

Its telling that, amid all the recent recriminations, even lenders have not fingered CRA. Thats because CRA didnt bring about the reckless lending at the heart of the crisis. Just as sub-prime lending was exploding, CRA was losing force and relevance. And the worst offenders, the independent mortgage companies, were never subject to CRA or any federal regulator. Law didnt make them lend. The profit motive did. And that is not political correctness. It is correctness.
Quote from Robert Gordon

Well over 50% of the bad loans were made outside of the CRA purview.

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