Is the Community Reinvestment Act responsible for the govt bail out of the mortgage industry? ?
Obama Hood - Spread the Wealth asked: The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, [...]