usmcgpw Wrote:
Nov 19, 2012 1:23 AM
1 of 11 Racist Lies Republicans Tell to Avoid Blaming Wall Street for the Financial Crisis. The Community Reinvestment Act was a liberal boondoggle designed to con banks into funding housing for undeserving, unqualified minorities. False. The CRA of 1977 was the result of decades of disinvestment in poor and working-class neighborhoods. It was designed to put an end to "red-lining" -- a widespread practice in which banks refused to write mortgages for houses in certain neighborhoods, no matter who was applying or how creditworthy they were.