The Community Reinvestment Act

The noise coming from extremists on the right that The Community Reinvestment Act is somehow the cause of the mortgage crisis is nefarious, outrageous and disgusting. And, by the way, couldn't be further from the truth. 

The primary cause of the mortgage meltdown is not regulation - it was caused by the ideology of deregulation, a complete lack of oversight, the criminal ponzi scheme known as mortgage backed securities and the collusion between investment bankers and the rating agencies.

This noise is simply the bile that is spewed to divert our attention and to focus blame not where it belongs but on the weakest amongst us-minorities and those least able to defend themselves.

These are treacherous times. It is each of our responsibility to know the facts.