The Obama administration’s latest financial regulatory reform proposal contains a stunning surprise hidden on page 67: “Rigorous application of the Community Reinvestment Act should be a core function of the CFPA.” The Community Reinvestment Act, or CRA, should be a core function of the CFPA or the Consumer Financial Protection Agency. Along with Fannie Mae and Freddie Mac at the very epicenter of the financial meltdown last year, the CRA is one of the vehicles used to inveigle, incent or threaten banks into lowering their lending standards to provide home loans to those who simply cannot afford them. According to...