December 08, 2008

Scapegoating the CRA : Don't believe me

I've said a number of times that the conservative talking point that the CRA led to the subprime debacle was complete garbage. Some of you still want to argue the point with me. Ladies and Gentleman, I give the Republican head of the FDIC, Sheila Bair...

“I want to give you my verdict on CRA: NOT guilty,” said FDIC Chairman Sheila Bair, according to a press release by the Federal Deposit Insurance Corporation. Before the Consumer Federation of America, Bair said Thursday she wanted to clear up the “myth” that the Community Reinvestment Act caused the financial crisis — and she set out to do so with vigor.

Posted by mcblogger at December 8, 2008 05:09 PM

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