[old curmudgeon]

You keep posting that, but you are wrong.

The CRA got the sub prime idea rolling.

Then all of the other bad things kicked in, like banks selling sub prime mortgages to get them off their books as described in this article.

That in turn led to the AIG, FM twins doing their thing, etc.

So although the CRA did not in itself cause the problem, it started it.

That is like saying the kids (congress) playing with matches (the CRA interference with proved market principles) did not cause the house to catch fire (the sub prime mortgages), the fire to burn the house (FM twins, AIG, Lehman, etc.)and the residents to die of the burns (unlucky stockholders and taxpayers).

No the matches did not cause it. The kids (our congress) playing with matches (CRA) started the fire.

[AuntB]

There’s plenty of blame to go around.

Bush seeks to increase minority homeownership (FHA with no down payments to bad credit risks!)
By Thomas A. Fogarty, USA TODAY 1/20/2004

http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm

Can’t give a snip of USA today, but it’s worth the read!

[org.whodat]

How come we have about ten million empty houses??? And about that many spaces available in uncompleted subdivisions and apartment/town house complexes. and how come the foreclosure rate for the last ten years has been so low.