“you are just outright WRONG”
I’d have to agree after lots of review over the last years. Reckless Endangerment organizes it a bit but still points to CRA and James A. Johnson.
Perhaps, like the blind guy, you were holding the elephant tail & thinking that’s covers the description.
Well I haven’t read Reckless Endangerment yet, it’s new.
I have read a few other books on the subject. “Chain of Blame”, “ECONned”, “Fool’s Gold”, “The Sellout”.
The Lazard “Clarifying the U.S. Mortgage Crisis” paper is a brief study of the subject that goes along with most of what I have read:
http://www.lazardnet.com/lam/us/tpd/pdfs/Inv_Research_Mortgage_Crisis.pdf
Give it a look, I don’t recall anything about the CRA in it.
Most of what I’ve seen about the credit crisis regards the CRA as a minor factor. It was headed in the same direction but wasn’t the driving force. Keep in mind that the bubble was in the trillions of dollars and large enough to shake the world economy. There simply weren’t enough CRA loans to make this happen.