The Community Reinvestment Act, as it was called, cost America billions of dollars and didn’t help the families it was supposed to benefit.
I understand we’re going to try it again soon...
” ... and didn’t help the families it was supposed to benefit.”
I believe it did benefit some of them. They got into houses they couldn’t afford and then the PRINCIPALS ON THEIR LOANS WERE REDUCED. The payments were reduced.
They got to keep a house they couldn’t afford. We subsidized the portion they couldn’t afford. Many of them gained wealth because they couldn’t pay. It’s nothing more than REDISTRIBUTION OF WEALTH.