4 of 11 Racist Lies Republicans Tell to Avoid Blaming Wall Street for the Financial Crisis. Most "junk" loans have been packaged into mortgage-based securities are Community Reinvestment Act loans. False. An analysis of Home Mortgage Disclosure Act (HMDA) data in the country's 15 biggest metropolitan areas found 83.4% of the high-cost loans made in 2006 were originated by non-CRA lenders. The Federal Reserve notes that, across the country, non-CRA lenders were twice as likely as CRA lenders to issue subprime loans to vulnerable borrowers. Furthermore, the Fed also reports that responsible mortgages made by CRA lenders have about the same low rate of foreclosure as other traditional mortgages.
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