As featured on p. 218 of "Bloggers on the Bus," under the name "a MyDD blogger."

Sunday, September 21, 2008

Can We Blame The Blacks?

Anyone who tells you with a straight face that the Community Reinvestment Act of 1977 is the cause of the financial crisis of 2008 is either a mindlessly dishonest or deeply stupid person. See the entire right-wing blogosphere for the proof. And see this for the debunk.

CRA loans constituted only 23% of all loans and 9.2% of high-cost loans.
CRA loans were twice as likely to be retained in the originating banks portfolio than loans made by other institutions.
CRA loans were less likely to be foreclosed upon than other loans.

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