And, If you want to think that the CRA caused 500+ trillion in derivatives then just keep living in your fantasy world.
Many democrats kept the facts hidden about Fannie and Freddie for a long time wjile the executives of those entities lined their own pockets with millions upon millions of dollars. The policies enforced by these agencies together with the combined effects from the CRA coerced banks and financial institutions to provide home loans to people they knew could never possibly afford them. No down payments, the lack of due diligence, the purposeful neglect of sound banking and financial practices, looking the other way, ignoring or even altering qualifying financial information, usury, outright fraud included in the ARMs and other loans made the housing and mortgage bubble collapse not only possible but inevitable. Conspirators and complicit in these lies about Fannie and Freddie are Barney Frank, Chris Dodd, Chuck Schumer (who also was partly responsible for the collapse of INDYMAC) and many other democrats who not only kept silent but even praised Fannie and Freddie as good investment opportunities and this was just a few months before these two entities collapsed altogether. These two entities, the CRA and the aforementioned democrats are the ones mainly responsible for causing the ctash of the housing and mortgage industry.