"As proof that Washington is a looking-glass world where basic values and logic get perverted, proponents of the new legislation claim we need more CRA to rein in the bad practices of the housing bubble, which is sort of like arguing that the cure for alcoholism is another martini. Any review of the history of the affordable mortgage movement in America demonstrates the power that CRA had in helping to shred mortgage underwriting standards throughout the industry and exposing us to the kind of market meltdown we've experienced."
by Steven Malanga
URL: http://www.realclearmarkets.com/articles/2009/09/16/acorns_a_creature_of_the_cra_97409.html
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