> But they were compelled to write them by the Community Reinvestment Act passed by Clinton. That's directly contrary to the conclusion of a bipartisan governm

> But they were compelled to write them by the Community Reinvestment Act passed by Clinton. That's directly contrary to the conclusion of a bipartisan government commission that investigated the subprime mortgage crisis: "...the CRA was not a significant factor in subprime lending or the crisis. Many subprime lenders were not subject to the CRA. Research indicates only 6% of high-cost loans—a proxy for subprime loans—had any connection to the law." [1] Indeed, CRA-induced loans had a far-lower default rate: "Loans made by CRA-regulated lenders in the neighborhoods in which they were required to lend were half as likely to default as similar loans made in the same neighborhoods by independent mortgage originators not subject to the law." [1] Even the dissent by three Republican commission members agreed, "Neither the Community Reinvestment Act nor removal of the Glass-Steagall firewall was a significant cause. The crisis can be explained without resorting to these factors." [1] [1] http://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis#Conclusions_of_the_Financial_Crisis_Inquiry_Commission http://en.wikipedia.org/wiki/Government_policies_and_the_sub...