The Truth About the Community Reinvestment Act
Publication Type:
Web ArticleSource:
(2008)URL:
http://www.ourfuture.org/fact-sheets-briefs/2008094029/truth-about-community-reinvestment-actAbstract:
Conservative commentators in the Wall Street Journal and the National Review, and on YouTube are spreading the myth that the Community Reinvestment Act, a law designed to eliminate discriminatory banking practices, caused the current financial crisis. In the words of Fox News' Neil Cavuto, “Loaning to minorities and risky folks is a disaster.” Conservatives have twisted the facts to substantiate their revisionist history. But don’t be fooled: the financial crisis was caused by conservative financial follies and bankers run amok and nothing more.
