The next time I hear someone mention The Community Reinvestment Act as a proximate cause of the financial crisis, I’m going to scream. To conservatives and my fellow libertarians, at some point, you are going to have to recognize and acknowledge that actions by individuals operating within lightly regulated or unregulated markets played as much of a role in this as our government did.
By now, we shouldn’t be having this discussion. Any serious inquiry into how the mortgage business was operating during the bubble years (especially subprime and Alt-A lending) should dispel any notion of this law having much to do with it, especially given how much of it operated outside of federal banking regulations. Then again, if people wish to be comfortable in their foolish wingnuttery, who am I to deprive them of that pleasure?
Who indeed, Dave. Who indeed. Report
The Community Reinvestment Act… and ACORN! Report