Giuliani, GOP Nominee?

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not NPR, Bob Allison he seems to be the only historian that does agree with her
and he is bending a little bit.

From The Wall Street Journal (a right-leaning source):

"This report doesn’t represent the first time the Fed has tried to bat down the notion that the CRA played an important role in the subprime mess. Late last year, then Fed Governor Randall Kroszner, a University of Chicago economist and former Bush administration official, echoed the findings of the report saying only about 6% of all subprime mortgages to low-income households trace back to banks that had to meet CRA standards." http://blogs.wsj.com/marketbeat/2009/05 ... ed-report/

The CRA myth has been debunked over and over again. The data simply doesn't support the theory. I know it's tempting to put the blame on low-income and minority Americans (it's somewhat of a right-wing theme) and, of course, the big bad government, but defaults lie with the refi's and HELOC's. The government has not and cannot force the banks to loan money.

This lack of government control has also contributed to the failure of the Making Home Affordable plan. The banks are encouraged to work with the mortgage holders, but they cannot be forced to do so.

Heh read the title of the article you sourced because you either misread it or deliberately misinterpretted it. He is talking about the fact the Feds are saying that it didn't contribute to the collapse. That's not what the WSJ is saying, all they are doing is reporting what the Fed said.


Defenders of the Community Reinvestment Act have tried to maintain that the law didn't require lenders to adopt lax lending standards that characterized the boom years.

Unfortunately, that's just not true. The CRA led directly to lending practices that included extremely low to nonexistent down payments, outrageous loan to value ratios and other "innovations" that later became some of the best predictors of defaults and foreclosures.

The primary way the CRA encouraged lax lending was by empowering bank regulators to block mergers if one side was found to have flunked the government's test for discriminatory lending. To avoid flunking, banks would adopt these innovative lending schemes that helped them grow their minority borrower base.

Read more: http://www.businessinsider.com/sorry-fo ... z1P1E2uI49

If you actually bothered to do some research you would know it was Democrats that were trying to keep Fannae/Freddie from being regulated and/or going through an audit. Republicans were the ones saying something smelled fishy.

You really just don't process information do you? It's like you are a macro or a primitive AI that just responds to keywords.