You worked at a bank? LOL.
First, the CRA was not a "system" to lend money, it was a regulatory scheme. Second, Fannie Mae does not loan money, Fannie Mae purchases and securitizes mortgages. Fannie Mae did enforce the CRA to the extent that it would not purchase mortgages unless a certain portion of them were made under CRA guidelines. Also, "lent" is not a word unless you were referring to the 40 days after Ash Wednesday.
If you are really that ignorant of the influence government regulation and the CRA had on the sub-prime mortgage mess, maybe it's just as well your banking days are in the past.
A couple of things in response to your arrogant and meaningless reply:
1. You didn’t answer my question and therefore replied in both an arrogant and idiotic manner attacking ad hominen as well as failing to truly disabuse me.
2. Your comments on my choice of semantics show you mind is small and you observation skills lacking. Perhaps you might notice that English is not my native language and mistakes can occassionaly crop up. If you would like to continue the conversation in German, I am pleased to correct you grammar.
3. Have a nice day.
Way to go Prokopton. I was a bank auditor. Prior to the CRA the guidelines for Fannie Mae conforming loans were good. After the CRA, not so good.
Then Glass-Stegal was repealed, and the other things noted in this ad happened and the stage was set for disaster.
It is true the Republicans tried to introduce reform, but they did not go “to the mat”. In hindsight they should have insisted on this instead of No child left behind or immigration reform(amnesty)- you know those bi-partisan boondoogles etc.
Since when is “lent” not the past tense of “lend”?