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US Advocates Push To Expand Community Reinvestment Act
Oh, good grief! Yes. Let's just shoot them now...
You don't really believe the world recession and financial crisis was caused by the CRA, do you? I think even the Spectator was taking the piss when it made the claim.
Whilst the ultimate cause of the financial collapse will be discussed for decades it seems to come down in large part to the sub prime crisis.The sub prime crisis was caused by giving loans to people with poor credit histories who were buying houses in overheated housing markets and that was to a great extent as a result of pressure from the US government to lower lending standards.Not soley through the mechanism of the CRA but also through their effective control of Fannie Mae & Freddie Mac.
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