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"Yes, the CRA is toxic"



Much-bandied claims that CRA loans have performed better for banks than other loans seem, well, ill-documented at best [Edward Pinto, City Journal] But the 1977 Community Reinvestment Act just wasn't big enough in its scope to have played any major role in the mortgage meltdown, right? Well... [Peter Schweizer, Forbes] Per one calculation, "Almost two-thirds of all bad mortgages in our financial system were bought by government agencies or required by government regulations." [Peter Wallison, WSJ]

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Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.