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Politics : View from the Center and Left
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To: Sam who wrote (229026)8/9/2013 10:37:05 AM
From: Bread Upon The Water  Read Replies (1) of 542649
 

Here is a 2008 article from the Fed that specifically addresses the issue of whether or not the CRA caused the crisis:
federalreserve.gov
Sam,

I don't accept that evidence as objective. It was written by the staff of the Consumer & Community Affairs division for their Director of same. In amorphous world of statistics they said they couldn't find a connection between the act and the bad loans made.

But what are they going to say,--Our agency screwed up?

We need some data from the government's equivalent of the Inspector general whose mission is to go out and find screw ups.

And the issue for me is whether Freddie and Fannie had were under congressional direction to buy these sub-prime loans, not whether the community reinvestment act caused them.

BUTW
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