Why blame the community reinvestment act? When 80% of home loans were outside of CRA jurisdiction?

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Half of the sub prime loans came from banks with no CRA involvement, and 25- 30% came from banks with very little CRA involvement.

Then the non-CRA mortgage firms made sub prime loans at twice the rate of CRA-covered firms.
Hey Steven. I think you need to start reading the Wall Street Journal.

  1. Reply
    Corky :)
    April 29, 2011 at 8:33 pm

    Because all America does is complain.

  2. Reply
    April 29, 2011 at 9:33 pm

    Because 90% of the FORECLOSURES were loans that were made BECAUSE of the CRA.

    There is NO SUCH THING as a bank with no CRA involvement. That would be like a credit report with no Fair Credit Reporting Act involvement. They are ALL subject to the Federal law.

  3. Reply
    April 29, 2011 at 9:51 pm

    You are wrong. The foreclosure rates are much higher for CRA loans.

  4. Reply
    April 29, 2011 at 9:52 pm

    In case you haven’t noticed, Republicans like to blame problems on minorities.

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