Wrong again, buckaroo. As explained just above, up to four-fifths of these loans were issued by financial institutions that operated with no federal regulatory oversight. In fact, in 2006, only one of the top 25 subprime lenders was a CRA institution. A few others were mortgage/finance company affiliates of CRA-covered lenders; but even these were separate businesses that didn't operate under CRA rules (including Countrywide, CitiMortgage, and Wells Fargo Home Mortgage). Likewise: the vast majority of the top 20 issuers of risky interest-only and option ARM loans were not CRA-affiliated lenders.
The CRA example proves that government oversight not only works; it's essential to maintain safe and sane capital markets.