What’s interesting about this video is that it blames the Community Reinvestment Act for the sub-prime crisis, yet even Business Week (by no means a liberal magazine) acknowledges that the CRA is not to blame. The majority of sub-prime loans were made by institutions who are not even regulated by the CRA. And Robert Gordon, a senior fellow at the Center for American Progress, even said “It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA. That’s because CRA didn’t bring about the reckless lending at the heart of the crisis.” http://straighttalkonmccain.blogspot.com/
What’s interesting about this video is that it blames the Community Reinvestment Act for the sub-prime crisis, yet even Business Week (by no means a liberal magazine) acknowledges that the CRA is not to blame. The majority of sub-prime loans were made by institutions who are not even regulated by the CRA. And Robert Gordon, a senior fellow at the Center for American Progress, even said “It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA. That’s because CRA didn’t bring about the reckless lending at the heart of the crisis.” http://straighttalkonmccain.blogspot.com/