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<blockquote data-quote="Jones" data-source="post: 909193" data-attributes="member: 4805"><p>The CRA never "required by law" that banks make loans to high risk individuals, that's a misconception. In fact there is no empirical evidence that CRA contributed in any significant way to the subprime crisis, the notion that it did is more of a political talking point that has been debunked by both Sheila Bair, (republican) chairman of the FDIC and Randall Kroszner, (republican appointed) Governor of the Federal Reserve.</p><p><a href="http://www.federalreserve.gov/newsevents/speech/kroszner20081203a.htm" target="_blank">Kroszner's assessment</a> is particularly interesting because his staff did such an in depth analysis. Here's an excerpt:</p><p></p><p></p><p>Sheila Bair's take is <a href="http://money.usnews.com/money/blogs/the-home-front/2008/12/17/sheila-bair-stop-blaming-the-community-reinvestment-act" target="_blank">here.</a></p></blockquote><p></p>
[QUOTE="Jones, post: 909193, member: 4805"] The CRA never "required by law" that banks make loans to high risk individuals, that's a misconception. In fact there is no empirical evidence that CRA contributed in any significant way to the subprime crisis, the notion that it did is more of a political talking point that has been debunked by both Sheila Bair, (republican) chairman of the FDIC and Randall Kroszner, (republican appointed) Governor of the Federal Reserve. [URL="http://www.federalreserve.gov/newsevents/speech/kroszner20081203a.htm"]Kroszner's assessment[/URL] is particularly interesting because his staff did such an in depth analysis. Here's an excerpt: Sheila Bair's take is [URL="http://money.usnews.com/money/blogs/the-home-front/2008/12/17/sheila-bair-stop-blaming-the-community-reinvestment-act"]here.[/URL] [/QUOTE]
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