As I have said before, it is specious to blame the CRA-at least, blame it as a main catalyst for the crisis.
If you wish to implicate the government in the crisis, and I have no qualms with implicating the government, there are other actions that should be focused on in lieu of the CRA: the Federal Reserve's decision to keep interest rates astonishingly low for such a long period of time; the decision by the SEC in 2004 to change its leverage rules and allow the five largest investment banks (Merrill Lynch, Bear Stearns, Lehman Bros., Goldman Sachs, and Morgan Stanley) to increase their debt-to-capital ratio from 12 to 1 to as high as 50 to 1. I would also implicate the rating agencies which gave AAA status to some very questionable securities.
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